MFS

Technology

Công ty Cổ phần Dịch vụ kỹ thuật Mobifone

Viễn thông/Viễn thông di độngCT

36.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

38.749

Current

36.800

Gap

+5.3%

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)

70.42%

Kd(1-t)

6.38%

D/(D+E)

29.58%

WACC

11.46%

Growth Estimate

fundamental firm blend7.34%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→14.67x

Valuation

60%DCF Value

50.354

40%P/E Value

21.342

Blended Intrinsic

38.749

Value Decomposition

46%

54%

Explicit period (46%)Terminal value (54%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — MFS

Earnings Quality

Fiscal year 2024

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-1.56

Elevated

DSRI

1.208

GMI

1.078

AQI

1.544

SGI

0.938

DEPI

0.671

SGAI

1.121

TATA

0.125

LVGI

1.014

MFS exhibits elevated risk of earnings manipulation as indicated by a Beneish M-Score of -1.5592, which is close to the manipulation threshold of -1.78. The earnings quality score of 28.9/100, particularly low cash conversion and receivables metrics, raises further concerns about the reliability of reported earnings.

Red Flags

Beneish M-Score of -1.5592 is above the manipulation threshold of -1.78, indicating potential earnings manipulation.
Earnings Quality Score of 28.9/100 suggests poor earnings quality, particularly driven by an eq_cash_conv score of 0.0/100, indicating no cash conversion from earnings.

Positive Signals

DSRI of 1.2084 indicates that the company's inventory growth is in line with revenue growth, which is a positive sign.
SGI of 0.9377 suggests that the company is not overextending itself in terms of sales growth relative to its industry.

Ownership Risk

The top shareholder, Tổng Công ty Viễn thông MobiFone, holds a significant 31.3% stake, indicating a strong institutional presence that may provide stability. However, high concentration in ownership could lead to governance risks and potential conflicts of interest.

Recommendation

Investors should approach MFS with caution, closely monitoring future earnings reports and cash flow statements. It may be prudent to wait for improvements in earnings quality metrics before considering an investment.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

4.89

Safe Zone

Sharpe

-0.76

Negative

Composite

Poor

Price Risk

Momentum

-19.7%

Volatility

42.3%

Max Drawdown

-38.6%

Key Ratios

Fiscal year 2024

31.44P/E

P/B1.47

P/S0.68

ROE7.7%

ROA5.4%

EPS1915.27

BVPS24309.64

Gross Margin7.4%

Net Margin3.6%

D/E0.42

Current Ratio3.28

Rev Growth-6.2%

Profit Growth-33.4%

EV/EBITDA18.86

Div Yield7.0%

Company Overview

Issued Shares

7.1M

Charter Capital

70.6B VND

Sector (ICB L2)

Viễn thông

Industry (ICB L3)

Viễn thông di động

Sub-industry

Viễn thông di động

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Viễn thông MobiFone

Inst

31.3%

2.2 trieu

nguyen-duy-hung

Indiv

4.8%

338.940

Lê Dũng

Indiv

3.5%

245.800

Nguyễn Văn Chiến

Indiv

3.3%

230.598

Phan Tiến Dũng

Indiv

1.0%

69.145

Board & Management

Nguyễn Văn Chiến3.3%

Thành viên Ban kiểm soát

Phan Tiến Dũng1.0%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Trần Minh Đức

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Phan Tuấn Anh

Thành viên Hội đồng Quản trị

Tường Duy Phúc

Chủ tịch Hội đồng Quản trị

Cao Thành Chung

Thành viên Ban kiểm soát

Lê Đức Mạnh

Thành viên Ban kiểm soát

Nguyễn Anh Tú

Kế toán trưởng

Vũ Quang Hải

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Top connections

SSB31.3%BTD10.1%SBL9.0%SZE7.0%GVT4.9%TST4.8%TTA4.8%SSI4.8%PAN4.8%VSI2 links PXI4.8%PAC4.8%

Computed 12/04/2026