KHP

Utilities

Công ty Cổ phần Điện lực Khánh Hòa

Điện, nước & xăng dầu khí đốt/Sản xuất & Phân phối ĐiệnCT

10.900

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

11.467

Current

10.900

Gap

+5.2%

ModelDDM 3STAGE

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+). As John D. Rockefeller said: "The only thing that gives me pleasure is to see my dividends coming in."

Cost of Equity (Ke)

Risk-Free (Rf)

4.50%

Betasector default

0.600

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

8.70%

Growth Estimate

fundamental equity blend2.37%

Model Inputs

DPS source:Actual dividends

DPS→600

Payout ratio→67.8%

Valuation

Dividends Per Share

600

Base Growth

2.37%

Cost of Equity

8.70%

Terminal Growth

3.50%

DDM Value

11.467

Value Decomposition

26%

74%

Explicit period (26%)Terminal value (74%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — KHP

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

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.53

Low Risk

DSRI

1.052

GMI

1.091

AQI

1.431

SGI

1.088

DEPI

0.911

SGAI

0.958

TATA

-0.085

LVGI

0.987

KHP exhibits several concerning financial metrics, particularly with a Beneish M-Score of -2.527, indicating a lower risk of earnings manipulation. However, the earnings quality score of 77.3 suggests reasonable performance, albeit with notable weaknesses in margin and revenue metrics.

Red Flags

Beneish M-Score of -2.527, which is below the manipulation threshold of -1.78, indicating potential earnings manipulation.
Earnings quality margin score of 49.1/100, suggesting significant concerns regarding profitability sustainability.

Positive Signals

Earnings quality cash conversion score of 100.0/100, indicating strong cash flow generation relative to earnings.
Top institutional ownership at 53.4% by Tổng Công Ty Điện Lực Miền Trung, which may provide stability and governance oversight.

Ownership Risk

The high concentration of ownership by Tổng Công Ty Điện Lực Miền Trung (53.4%) may pose risks related to governance and decision-making, potentially limiting minority shareholder influence.

Recommendation

Investors should closely monitor KHP's earnings quality metrics and consider a cautious approach, given the elevated risk of manipulation. A deeper analysis of operational performance and governance practices is recommended before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

4.10

Safe Zone

Sharpe

0.14

Positive

Composite

Fair

Price Risk

Momentum

+14.3%

Volatility

19.0%

Max Drawdown

-19.3%

Key Ratios

Fiscal year 2025

14.85P/E

P/B1.03

P/S0.09

ROE6.9%

ROA2.2%

EPS791.36

BVPS11451.25

Gross Margin3.3%

Net Margin0.6%

D/E2.12

Current Ratio1.19

Rev Growth8.8%

Profit Growth-17.2%

EV/EBITDA4.54

Div Yield0.0%

Company Overview

Issued Shares

60.4M

Charter Capital

604.1B VND

Sector (ICB L2)

Điện, nước & xăng dầu khí đốt

Industry (ICB L3)

Sản xuất & Phân phối Điện

Sub-industry

Sản xuất & Phân phối Điện

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công Ty Điện Lực Miền Trung

Inst

53.4%

32.3 trieu

Samarang Ucits - Samarang Asian Prosperity

Inst

5.0%

2.8 trieu

america limited liability company

Inst

4.9%

2.8 trieu

Đỗ Duy Nhật

Indiv

0.2%

139.857

Nguyễn Thành Cử

Indiv

0.1%

53.016

Bùi Quang Hưng

Indiv

0.1%

51.198

Nguyễn Thị Tuyết Hồng

Indiv

0.1%

46.886

Board & Management

Nguyễn Thanh Lâm

Chủ tịch Hội đồng Quản trị

Nguyễn Cao Ký

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Quang Tiến

Người phụ trách quản trị công ty/Thành viên Ban Kiểm toán nội bộ

Trần Thị Triệu Linh

Kế toán trưởng

Đỗ Thanh Sơn

Phó Tổng Giám đốc

Nguyễn Thị Vân

Trưởng Ban kiểm soát

Đào Truyền

Thành viên Hội đồng Quản trị/Trưởng Ban Kiểm toán nội bộ

Trần Đăng Hiền

Phó Tổng Giám đốc

Trần Văn Khoa

Thành viên Hội đồng Quản trị độc lập

Phan Công Bình

Thành viên Ban kiểm soát/Thành viên Ban đại diện Quỹ

Huỳnh Diệp Quyên

Thành viên Ban Kiểm toán nội bộ

Nguyễn Hữu Tâm

Thành viên Hội đồng Quản trị độc lập

Nguyễn Hải Đức

Phó Tổng Giám đốc

Lê Hải Thuyết

Thành viên Ban kiểm soát

Top connections

PIC74.1%SBA53.4%DRL53.4%TDB53.4%SEB53.4%CHP53.4%GHC53.4%AVC53.4%SGN25.0%WCS23.6%YBM23.4%DNM22.7%

Computed 12/04/2026