MNB

Consumer

Tổng Công ty May Nhà Bè - Công ty Cổ phần

Hàng cá nhân & Gia dụng/Hàng cá nhânCT

27.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

105.021

Current

27.000

Gap

+289.0%

ModelFCF DCF

Valuation Breakdown

CT→Hàng cá nhân & Gia dụng→Consumer

Classified as consumer because ICB sector "Hàng cá nhân & Gia dụng" 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

0.800

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

10.10%

E/(D+E)

16.76%

Kd(1-t)

5.91%

D/(D+E)

83.24%

WACC

10.00%

Growth Estimate

fundamental firm blend4.84%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→189.80B

Projection years→10

Valuation

Base FCF

189.80B

Growth Rate

4.84%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

105.021

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — MNB

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

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.50

Low Risk

DSRI

1.042

GMI

1.021

AQI

0.936

SGI

1.141

DEPI

1.027

SGAI

0.900

TATA

-0.043

LVGI

0.974

MNB exhibits a Beneish M-Score of -2.5029, indicating a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 64.0/100, particularly low revenue quality, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings quality score of 64.0/100 indicates potential issues, particularly with revenue quality at 0.0/100, suggesting that revenue recognition may be aggressive or unsupported.
SGI at 1.1411 indicates a significant growth in sales relative to prior periods, which could be a red flag if not supported by cash flow.

Positive Signals

Beneish M-Score of -2.5029 suggests a low likelihood of earnings manipulation, which is a positive signal for investors.
High cash conversion score of 100.0/100 indicates strong cash flow relative to earnings, supporting the company's liquidity.

Ownership Risk

The top shareholders are primarily institutional, with Tập đoàn Dệt May Việt Nam and Công ty Cổ Phần 4M holding a combined 49.6%. This concentration may lead to governance risks if their interests diverge from minority shareholders.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of low revenue quality. A cautious approach is advised, potentially waiting for clearer signals of sustainable earnings before making significant investments.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.00

Grey Zone

Sharpe

-0.17

Negative

Composite

Fair

Price Risk

Momentum

-10.1%

Volatility

86.9%

Max Drawdown

-31.9%

Key Ratios

Fiscal year 2025

3.52P/E

P/B0.88

P/S0.09

ROE28.2%

ROA4.1%

EPS6680.27

BVPS26624.04

Gross Margin18.3%

Net Margin2.5%

D/E4.29

Current Ratio1.09

Rev Growth14.1%

Profit Growth46.8%

EV/EBITDA4.39

Div Yield0.0%

Company Overview

Issued Shares

20.0M

Charter Capital

200.0B VND

Sector (ICB L2)

Hàng cá nhân & Gia dụng

Industry (ICB L3)

Hàng cá nhân

Sub-industry

Hàng May mặc

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tập đoàn Dệt May Việt Nam

Inst

25.2%

5.0 trieu

Công ty Cổ Phần 4M

Inst

24.4%

4.9 trieu

nguyen-van-ton

Indiv

7.8%

1.4 trieu

nguyen-van-ton

Indiv

7.8%

1.4 trieu

Trần Linh Trang

Indiv

7.1%

1.4 trieu

Nguyễn Lý Đức Quân

Indiv

4.2%

846.779

Công ty Cổ Phần Len Hà Đông

Inst

2.0%

398.900

Nguyễn Thị Thành

Indiv

1.8%

333.623

Phạm Phú Cường

Indiv

1.6%

325.622

Phan Văn Hải

Indiv

1.1%

221.007

Nguyễn Ngọc Lan

Indiv

0.9%

176.700

Lê Thị Ngọc Diệu

Indiv

0.7%

137.162

La Văn Tốt

Indiv

0.6%

112.400

Phạm Kiều Oanh

Indiv

0.5%

84.705

Lê Thị Hà Chi

Indiv

0.4%

81.200

Mai Văn Hoàng Dũng

Indiv

0.4%

79.404

nguyen-huu-tam

Indiv

0.4%

71.400

Đoàn Minh Đức

Indiv

0.3%

56.100

Nguyễn Thị Ngọc Thảo

Indiv

0.3%

55.600

Đặng Minh Tuyến

Indiv

0.2%

35.100

Dương Thị Tuyết

Indiv

0.2%

31.355

Lê Thanh Hoàng

Indiv

0.1%

24.600

Nguyễn Xuân Đông

Indiv

0.1%

20.500

Board & Management

Phạm Phú Cường1.6%

Chủ tịch Hội đồng Quản trị

Phan Văn Hải1.1%

Trưởng Ban kiểm soát

Nguyễn Ngọc Lân0.9%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lê Thị Ngọc Diệu0.7%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lê Thị Hà Chi0.4%

Phó Tổng Giám đốc

Mai Văn Hoàng Dũng0.4%

Phó Tổng Giám đốc

Đoàn Minh Đức0.3%

Phó Tổng Giám đốc

Nguyễn Thị Ngọc Thảo0.3%

Thành viên Ban kiểm soát

Dương Thị Tuyết0.2%

Phó Tổng Giám đốc

Lê Thanh Hoàng0.1%

Phó Tổng Giám đốc

Nguyễn Xuân Đông0.1%

Thành viên Hội đồng Quản trị

Đinh Văn Thập

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Lê Dân

Phó Tổng Giám đốc

Phạm Thị Thanh Phương

Thành viên Ban kiểm soát

Thân Phạm Tiến

Kế toán trưởng

Top connections

VTI68.3%HTG61.9%HDM60.9%SPB60.7%NDT53.7%PPH50.1%TVT46.9%MGG35.2%HUG35.0%VGG30.4%HNI29.2%NJC28.6%

Computed 12/04/2026