NJC

Consumer

Công ty Cổ phần May Nam Định

Hàng cá nhân & Gia dụng/Hàng cá nhânCT

13.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

127.828

Current

13.900

Gap

+500.0%

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)

25.17%

Kd(1-t)

6.37%

D/(D+E)

74.83%

WACC

10.00%

Growth Estimate

fundamental firm blend3.49%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→49.60B

Projection years→10

Valuation

Base FCF

49.60B

Growth Rate

3.49%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

127.828

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — NJC

Earnings Quality

Fiscal year 2024

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 · 2024

-2.78

Low Risk

DSRI

0.613

GMI

0.955

AQI

1.920

SGI

1.536

DEPI

0.981

SGAI

1.057

TATA

-0.170

LVGI

0.901

NJC exhibits a Beneish M-Score of -2.7847, indicating a low likelihood of earnings manipulation, as it is well below the manipulation threshold of -1.78. However, the earnings quality score of 57.2 suggests concerns, particularly in revenue recognition and profit margins, which could signal underlying issues in financial reporting.

Red Flags

Earnings Quality Score of 57.2 indicates potential concerns in revenue recognition (12.3/100) and profit margins (0.0/100), suggesting possible aggressive accounting practices.

Positive Signals

Beneish M-Score of -2.7847 indicates low likelihood of earnings manipulation, suggesting a more reliable earnings report.

Ownership Risk

The ownership structure shows significant concentration with Tập đoàn Dệt May Việt Nam holding 28.6%, which may lead to potential conflicts of interest and reduced minority shareholder influence.

Recommendation

Investors should closely monitor NJC's revenue recognition practices and profit margins while considering the concentrated ownership structure. A thorough review of financial statements and potential engagement with management regarding earnings quality is advisable.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.71

Grey Zone

Sharpe

-0.20

Negative

Composite

Fair

Price Risk

Momentum

-25.6%

Volatility

92.1%

Max Drawdown

-37.7%

Key Ratios

Fiscal year 2024

7.80P/E

P/B0.65

P/S0.07

ROE14.6%

ROA3.0%

EPS2504.73

BVPS19448.43

Gross Margin9.1%

Net Margin1.5%

D/E2.97

Current Ratio1.20

Rev Growth53.6%

Profit Growth88.9%

EV/EBITDA8.39

Div Yield0.0%

Company Overview

Issued Shares

5.2M

Charter Capital

52.2B 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 NJC — hover nodes for intel, click to navigate

Shareholders

Tập đoàn Dệt May Việt Nam

Inst

28.6%

1.5 trieu

Phạm Duy Hạnh

Indiv

14.7%

438.900

Nguyễn Đăng Lợi

Indiv

10.0%

300.000

Phạm Văn Toản

Indiv

3.7%

110.800

Phạm Minh Đức

Indiv

1.7%

86.564

Phạm Thị Ngân

Indiv

1.1%

58.426

Phạm Quang Anh

Indiv

1.0%

31.000

Phí Thị Ngọc Hoa

Indiv

0.6%

33.007

Trần Quốc Tuấn

Indiv

0.5%

16.050

Bùi Quang Dũng

Indiv

0.5%

26.413

Phạm Thị Thu Trang

Indiv

0.4%

18.618

Nguyễn Thị Hiền Lương

Indiv

0.2%

11.825

Board & Management

Nguyễn Đăng Lợi10.0%

Thành viên Hội đồng Quản trị

Phạm Văn Toản3.7%

Phó Tổng Giám đốc

Phạm Minh Đức1.7%

Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Phạm Thị Ngân1.1%

Kế toán trưởng

Phí Thị Ngọc Hoa0.6%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Trần Quốc Tuấn0.5%

Thành viên Ban kiểm soát

Bùi Quang Dũng0.5%

Phó Tổng Giám đốc

Nguyễn Thị Hiền Lương0.2%

Trưởng Ban kiểm soát

Tạ Hữu Doanh

Thành viên Ban kiểm soát

Top connections

VTI68.3%HTG61.9%HDM60.9%SPB60.7%NDT53.7%PPH50.1%TVT46.9%MGG35.2%HUG35.0%VGG30.4%HNI29.2%VDN28.6%

Computed 12/04/2026