KST

Technology

Công ty Cổ phần KASATI

Công nghệ Thông tin/Thiết bị và Phần cứngCT

13.500

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

77.971

Current

13.500

Gap

+477.6%

ModelDCF PE BLEND

Valuation Breakdown

CT→Công nghệ Thông tin→Technology

Classified as technology because ICB sector "Công nghệ Thông tin" maps to the technology group

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)

28.55%

Kd(1-t)

6.34%

D/(D+E)

71.45%

WACC

10.00%

Growth Estimate

fundamental firm blend5.84%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→11.69x

Valuation

60%DCF Value

118.688

40%P/E Value

16.895

Blended Intrinsic

77.971

Value Decomposition

40%

60%

Explicit period (40%)Terminal value (60%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — KST

Earnings Quality

Fiscal year 2025

Fair

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

-2.56

Low Risk

DSRI

1.107

GMI

1.202

AQI

0.607

SGI

1.560

DEPI

1.367

SGAI

0.721

TATA

-0.139

LVGI

1.202

KST exhibits several concerning indicators of potential financial manipulation, as evidenced by a Beneish M-Score of -2.5619, significantly below the manipulation threshold of -1.78. While the earnings quality score of 64.4/100 suggests some stability, the high SGI of 1.5599 and low revenue quality score of 0.0/100 raise significant red flags regarding growth sustainability and revenue recognition practices.

Red Flags

Beneish M-Score of -2.5619 indicates potential earnings manipulation, well below the threshold of -1.78.
SGI of 1.5599 suggests aggressive growth that may not be supported by underlying fundamentals.
Revenue quality score of 0.0/100 indicates severe issues in revenue recognition, raising concerns about the reliability of reported earnings.

Positive Signals

Earnings quality cash conversion score of 100.0/100 indicates strong cash flow relative to earnings.
Ownership by institutions (55.2% combined) suggests a level of stability and oversight in governance.

Ownership Risk

The significant institutional ownership (55.2%) could provide some level of governance and oversight, mitigating risks associated with individual shareholders. However, the concentration of ownership in a few entities may lead to conflicts of interest.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly regarding revenue recognition practices and growth sustainability. Monitoring future earnings reports and cash flow statements will be crucial to assess the reliability of KST's financial health.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

2.54

Grey Zone

Sharpe

0.15

Positive

Composite

Strong

Price Risk

Momentum

+18.5%

Volatility

65.8%

Max Drawdown

-25.4%

Key Ratios

Fiscal year 2025

6.56P/E

P/B0.91

P/S0.11

ROE14.3%

ROA4.0%

EPS1904.87

BVPS13665.14

Gross Margin5.8%

Net Margin1.6%

D/E3.39

Current Ratio1.26

Rev Growth56.4%

Profit Growth10.4%

EV/EBITDA-0.15

Div Yield0.0%

Company Overview

Issued Shares

6.0M

Charter Capital

59.9B VND

Sector (ICB L2)

Công nghệ Thông tin

Industry (ICB L3)

Thiết bị và Phần cứng

Sub-industry

Thiết bị viễn thông

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tập Đoàn Bưu Chính Viễn Thông Việt Nam

Inst

33.9%

2.0 trieu

Tổng Công ty Cổ phần Bảo hiểm Bưu điện

Inst

21.3%

1.3 trieu

Lê Phước Hiền

Indiv

3.6%

214.240

Trần Minh Dũng

Indiv

1.1%

32.000

Lương Ngọc Hương

Indiv

1.0%

30.000

Võ Ngọc Anh

Indiv

1.0%

59.710

Nguyễn Thị Kim Hoa

Indiv

0.7%

20.400

Phan Văn Nghĩa

Indiv

0.6%

18.000

Võ Hồng Lạc

Indiv

0.5%

14.700

Trần Ngọc Tuân

Indiv

0.5%

14.400

Lê Minh Trí

Indiv

0.4%

12.435

nguyen-long

Indiv

0.4%

23.480

Hoàng Thị Thanh Trúc

Indiv

0.3%

8.000

Vũ Trọng Hiếu

Indiv

0.2%

6.900

Đỗ Quang Khánh

Indiv

0.2%

11.600

Đoàn Thị Triệu Phước

Indiv

0.1%

6.068

Board & Management

Lê Phước Hiền3.6%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Võ Ngọc Anh1.0%

Phó Tổng Giám đốc

Nguyễn Long0.4%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Đỗ Quang Khánh0.2%

Phó Chủ tịch Hội đồng Quản trị

Đoàn Thị Triệu Phước0.1%

Kế toán trưởng

Tô Hoài Văn

Chủ tịch Hội đồng Quản trị

Hồ Thị Kim Oanh

Trưởng Ban kiểm soát

Đỗ Ngọc Khánh

Thành viên Ban kiểm soát

Trần Quang Minh Mẫn

Thành viên Ban kiểm soát

Nguyễn Thị Hồng Mai

Thành viên Hội đồng Quản trị

Top connections

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Computed 12/04/2026