NAS

Construction

Công ty Cổ phần Dịch vụ Hàng không Sân bay Việt Nam

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

31.400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

41.732

Current

31.400

Gap

+32.9%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

23.88%

Kd(1-t)

7.62%

D/(D+E)

76.12%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

31.060

50%DCF Value

52.403

Blended Intrinsic

41.732

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — NAS

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.28

Moderate

DSRI

1.019

GMI

0.962

AQI

0.920

SGI

1.090

DEPI

0.940

SGAI

1.025

TATA

0.025

LVGI

0.839

The Beneish M-Score of -2.2763 indicates a lower likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 61.4/100, particularly low scores in revenue (19.2/100) and margin (0.0/100), raise concerns about the sustainability of earnings.

Red Flags

Low revenue quality score of 19.2/100 suggests potential issues in revenue recognition.
Earnings margin score of 0.0/100 indicates no profitability in earnings, which is a significant concern.

Positive Signals

Beneish M-Score of -2.2763 suggests a lower likelihood of earnings manipulation.
High receivables quality score of 100.0/100 indicates strong management of receivables.

Ownership Risk

The ownership structure is heavily concentrated, with Tổng Công ty Hàng không Việt Nam holding 51.0%. This could lead to potential conflicts of interest and reduced shareholder influence on management decisions.

Recommendation

Investors should closely monitor revenue recognition practices and earnings sustainability. Consider a cautious approach, potentially waiting for improved earnings quality metrics before making significant investment decisions.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.76

Grey Zone

Sharpe

0.25

Positive

Composite

Fair

Price Risk

Momentum

+33.1%

Volatility

64.6%

Max Drawdown

-29.1%

Key Ratios

Fiscal year 2024

10.38P/E

P/B3.51

P/S0.55

ROE40.7%

ROA9.4%

EPS3352.58

BVPS9905.92

Gross Margin53.7%

Net Margin5.3%

D/E1.77

Current Ratio1.07

Rev Growth9.0%

Profit Growth121.6%

EV/EBITDA8.85

Div Yield0.0%

Company Overview

Issued Shares

8.3M

Charter Capital

83.2B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Hàng không Việt Nam

Inst

51.0%

4.2 trieu

Công Ty TNHH Thời trang và Mỹ phẩm Âu Châu

Inst

10.8%

900.376

Ngân hàng Thương mại Cổ phần Sài Gòn Thương Tín

Inst

10.7%

885.376

Công ty Cổ phần Tập đoàn Taseco

Inst

8.2%

682.680

Công ty Cổ phần Dịch vụ Hàng không Taseco

Inst

2.2%

182.680

Trần Xuân Cương

Indiv

0.1%

11.859

Đặng Huy Khôi

Indiv

0.1%

10.164

Board & Management

Trần Xuân Cương0.1%

Phó Tổng Giám đốc

Đặng Huy Khôi0.1%

Phó Tổng Giám đốc

Nghiêm Thị Thúy Tươi

Thành viên Ban kiểm soát

Trần Việt Phương

Phụ trách Công bố thông tin/Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Thị Hồng Hạnh

Kế toán trưởng

Phan Thanh Bình

Phó Tổng Giám đốc

Hà Thị Thu Nga

Thành viên Hội đồng Quản trị

Nguyễn Phú Thanh

Thành viên Hội đồng Quản trị

Lê Đức Cảnh

Chủ tịch Hội đồng Quản trị

Top connections

NCS60.2%TAL60.0%NCT55.1%CIA51.0%ARM51.0%MAS51.0%HBS51.0%DCV51.0%AST51.0%SBS16.0%SPM10.7%JOS10.7%

Computed 12/04/2026