LPT

Consumer

Công ty Cổ phần Thương mại và Sản xuất Lập Phương Thành

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

6.100

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

12.998

Current

6.100

Gap

+113.1%

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)

85.67%

Kd(1-t)

6.58%

D/(D+E)

14.33%

WACC

10.79%

Growth Estimate

fundamental firm blend5.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→9.98B

Projection years→10

Valuation

Base FCF

9.98B

Growth Rate

5.00%

WACC

10.79%

Terminal Growth

4.00%

DCF Value

12.998

Value Decomposition

47%

53%

Explicit period (47%)Terminal value (53%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — LPT

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

-2.38

Moderate

DSRI

1.155

GMI

1.316

AQI

1.059

SGI

0.851

DEPI

0.952

SGAI

1.084

TATA

-0.028

LVGI

0.860

The Beneish M-Score of -2.385 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue recognition and profit margins, which could pose risks to the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 67.5/100 suggests potential issues, especially with eq_margin at 1.8/100 and eq_revenue at 0.0/100, indicating poor profitability and revenue recognition.
GMI of 1.3160 indicates that gross margins are declining, which could signal operational inefficiencies.

Positive Signals

Strong cash conversion with eq_cash_conv at 100.0/100, indicating effective management of cash flows.
Low DSRI of 1.1548 suggests that accounts receivable are not growing excessively compared to sales, which is a positive sign.

Ownership Risk

The ownership structure is highly concentrated with the top five shareholders holding a combined 56.8%, which could lead to governance risks and potential conflicts of interest.

Recommendation

Monitor the company's earnings quality closely, especially the revenue recognition practices. Consider a cautious investment approach until improvements in profit margins and overall earnings quality are observed.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

5.06

Safe Zone

Sharpe

0.31

Positive

Composite

Fair

Price Risk

Momentum

+8.7%

Volatility

68.7%

Max Drawdown

-28.3%

Key Ratios

Fiscal year 2025

8.56P/E

P/B0.51

P/S0.25

ROE5.9%

ROA5.1%

EPS759.32

BVPS12804.67

Gross Margin5.9%

Net Margin2.9%

D/E0.14

Current Ratio7.15

Rev Growth-14.9%

Profit Growth-35.7%

EV/EBITDA4.88

Div Yield0.0%

Company Overview

Issued Shares

12.0M

Charter Capital

120.0B 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 LPT — hover nodes for intel, click to navigate

Shareholders

Phan Quang Tiệp

Indiv

13.6%

1.6 trieu

Trần Ngọc Mai

Indiv

10.5%

1.3 trieu

Nguyễn Trần Linh Chi

Indiv

8.3%

991.869

Phạm Anh Tuấn

Indiv

7.4%

886.000

Trần Thị Bút

Indiv

6.0%

720.000

Nguyễn Thị Ngân

Indiv

2.6%

207.400

Nguyễn Xuân Mạnh

Indiv

2.0%

240.000

Phạm Thị Huyền

Indiv

0.8%

100.000

Tạ Thanh Phương

Indiv

0.6%

75.000

Nguyễn Thị Thanh Hương

Indiv

0.6%

50.000

Nguyễn Văn Sơn

Indiv

0.4%

45.000

Board & Management

Phan Quang Tiệp13.6%

Chủ tịch Hội đồng Quản trị

Trần Ngọc Mai10.5%

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

Nguyễn Thị Thanh Hương0.6%

Thành viên Hội đồng Quản trị độc lập

Vũ Văn Thành

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

Tạ Thanh Phương

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Đức Tuấn

Phụ trách Công bố thông tin

Nguyễn Danh Thủy

Kế toán trưởng

Top connections

TST17.0%PLA14.1%BHC14.0%HCM14.0%QBS13.3%CEN10.5%DIH8.5%PPI8.3%TTH8.3%SHI7.4%PSC7.4%RAT7.4%

Computed 12/04/2026