NTP

Construction

Công ty Cổ phần Nhựa Thiếu niên Tiền Phong

Xây dựng và Vật liệuCT

55.500

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

52.930

Current

55.500

Gap

-4.6%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Xây dựng và Vật liệu→Construction

Classified as construction because ICB sector "Xây dựng và Vật liệu" 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)

57.15%

Kd(1-t)

6.68%

D/(D+E)

42.85%

WACC

10.00%

Growth Estimate

fundamental firm blend2.19%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

35.681

50%DCF Value

70.178

Blended Intrinsic

52.930

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — NTP

Earnings Quality

Fiscal year 2025

Good

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 · 2025

-2.23

Moderate

DSRI

1.028

GMI

1.009

AQI

0.899

SGI

1.193

DEPI

1.000

SGAI

0.911

TATA

0.011

LVGI

0.933

NTP exhibits a Beneish M-Score of -2.2282, indicating a low likelihood of earnings manipulation. However, the SGI of 1.1934 suggests aggressive revenue growth that may not be supported by cash flow, raising concerns about sustainability.

Red Flags

SGI of 1.1934 indicates aggressive revenue growth that may not be sustainable.
Earnings Quality Score of 74.9/100, particularly low eq_revenue score of 0.0/100, raises concerns about the reliability of reported revenues.

Positive Signals

Beneish M-Score of -2.2282 suggests low likelihood of earnings manipulation.
Strong eq_accrual score of 95.5/100 indicates good earnings quality in terms of accruals.

Ownership Risk

The significant state ownership at 37.1% may lead to potential conflicts of interest and influence over corporate governance, impacting minority shareholders.

Recommendation

Monitor revenue growth closely, especially given the high SGI, and consider engaging with management for clarity on revenue recognition practices. Maintain a cautious approach due to elevated risks associated with ownership structure.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

4.52

Safe Zone

Sharpe

0.53

Positive

Composite

Fair

Price Risk

Momentum

+39.7%

Volatility

31.9%

Max Drawdown

-22.9%

Key Ratios

Fiscal year 2025

10.87P/E

P/B2.55

P/S1.60

ROE25.1%

ROA14.8%

EPS5804.94

BVPS24741.84

Gross Margin31.0%

Net Margin14.7%

D/E0.67

Current Ratio1.83

Rev Growth19.2%

Profit Growth35.0%

EV/EBITDA8.81

Div Yield2.4%

Company Overview

Issued Shares

171.0M

Charter Capital

1710.4B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước

State

37.1%

63.5 trieu

Sekisui Chemical Co., Ltd.

Inst

15.0%

25.7 trieu

Công ty Cổ Phần Nhựa Thiếu Niên Tiền Phong Phía Nam

Inst

13.1%

22.4 trieu

Đặng Quốc Dũng

Indiv

6.9%

11.8 trieu

Hồ Phi Hải

Indiv

6.0%

3.4 trieu

Công ty TNHH Windstar Resources

Inst

4.4%

2.7 trieu

Công Đoàn Công ty Cổ Phần Nhựa Thiếu Niên Tiền Phong

Inst

3.9%

6.6 trieu

Đặng Quốc Minh

Indiv

3.2%

5.5 trieu

Đặng Thị Minh Hương

Indiv

2.0%

3.5 trieu

Nguyễn Trung Kiên

Indiv

1.3%

1.2 trieu

Trần Bá Phúc

Indiv

0.5%

533.258

NGUYỄN QUỐC TRƯỜNG

Indiv

0.5%

518.953

Lê Thị Thúy Hải

Indiv

0.5%

818.415

Chu Văn Phương

Indiv

0.4%

623.716

Trần Ngọc Bảo

Indiv

0.1%

240.108

Board & Management

Đặng Quốc Dũng6.9%

Chủ tịch Hội đồng Quản trị

Chu Văn Phương0.4%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Trần Ngọc Bảo0.1%

Thành viên Hội đồng Quản trị/Kế toán trưởng

Đào Anh Thắng

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

Ngô Thị Thu Thủy

Phó Tổng Giám đốc

Trần Nhật Ninh

Phó Tổng Giám đốc

Noboru Kobayashi

Phó Chủ tịch Hội đồng Quản trị

Nguyễn Việt Phương

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

Trần Hùng Cường

Phụ trách Công bố thông tin/Chuyên viên

Top connections

SJG99.8%MIE99.6%TVN93.9%VGV87.3%VNP65.8%DVN2 links SEA63.4%QTC53.8%VGT53.5%CAG53.0%BMI50.7%VXB49.8%

Computed 12/04/2026