ONE

Technology

Công ty Cổ phần Công nghệ ONE

Công nghệ Thông tin/Thiết bị và Phần cứngCT

12.500

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

25.966

Current

12.500

Gap

+107.7%

ModelDCF PE BLEND

Valuation Breakdown

CT→Công nghệ Thông tin→Technology

Classified as technology because ICB sector "Công nghệ Thông tin" maps to the technology group

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)

30.17%

Kd(1-t)

5.19%

D/(D+E)

69.83%

WACC

10.00%

Growth Estimate

fundamental firm blend5.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→10x

Valuation

60%DCF Value

40.399

40%P/E Value

4.316

Blended Intrinsic

25.966

Value Decomposition

40%

60%

Explicit period (40%)Terminal value (60%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — ONE

Earnings Quality

Fiscal year 2025

Weak

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

-2.74

Low Risk

DSRI

1.397

GMI

0.693

AQI

0.860

SGI

0.831

DEPI

1.007

SGAI

1.425

TATA

-0.038

LVGI

1.000

The Beneish M-Score of -2.7352 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 46.2/100, particularly low scores in receivables, margin, and revenue metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 46.2/100, with 0.0/100 in receivables, margin, and revenue indicating potential issues in revenue recognition and cash flow sustainability.
SGAI at 1.4251 suggests aggressive spending on selling, general, and administrative expenses, which may not translate to proportional revenue growth.

Positive Signals

Beneish M-Score of -2.7352 indicates a low likelihood of earnings manipulation, suggesting a more reliable earnings report.
High eq_cash_conv score of 100.0/100 indicates strong cash conversion from earnings, which is a positive sign for liquidity.

Ownership Risk

The ownership structure shows a lack of concentrated control, with the largest shareholder holding only 6.3%. This could lead to potential governance issues and misalignment of interests among shareholders.

Recommendation

Investors should closely monitor earnings quality metrics and consider the implications of aggressive spending patterns. A cautious approach is advised, focusing on cash flow sustainability and potential governance risks.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.00

Grey Zone

Sharpe

0.68

Positive

Composite

Fair

Price Risk

Momentum

+57.9%

Volatility

74.0%

Max Drawdown

-30.0%

Key Ratios

Fiscal year 2025

19.46P/E

P/B0.63

P/S0.14

ROE3.3%

ROA1.0%

EPS431.57

BVPS13230.48

Gross Margin9.0%

Net Margin0.7%

D/E2.31

Current Ratio1.40

Rev Growth-16.9%

Profit Growth168.7%

EV/EBITDA4.83

Div Yield0.0%

Company Overview

Issued Shares

8.0M

Charter Capital

79.6B VND

Sector (ICB L2)

Công nghệ Thông tin

Industry (ICB L3)

Thiết bị và Phần cứng

Sub-industry

Phần cứng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Lê Hải Đoàn

Indiv

6.3%

495.643

Đặng Anh Phương

Indiv

5.9%

468.023

Đỗ Thanh Hải

Indiv

5.0%

392.300

america limited liability company

Inst

5.0%

391.900

Nguyễn Duy Nguyên

Indiv

4.8%

380.000

Cao Tiến Trung

Indiv

4.7%

374.068

Willem Stuive

Indiv

3.6%

260.000

Đặng Lê Hưng

Indiv

3.3%

261.500

Nguyễn Tiến Thịnh

Indiv

2.6%

210.026

Nguyễn Ngọc Nam

Indiv

2.6%

210.318

Đỗ Quỳnh Lan

Indiv

2.5%

194.656

nguyen-ha-thanh

Indiv

2.4%

189.286

Phạm Thế Hưng

Indiv

2.3%

180.004

Đinh Quang Thái

Indiv

2.1%

170.350

Hoàng Hà

Indiv

1.6%

128.903

Từ Long

Indiv

1.0%

47.500

Lê Việt Thắng

Indiv

0.9%

68.370

Nguyễn Thị Minh Nguyệt

Indiv

0.8%

60.064

Lư Hồng Chiều

Indiv

0.7%

60.380

Nguyễn Doãn Lê Minh

Indiv

0.4%

30.054

Phạm Thanh Huyền

Indiv

0.3%

20.541

Đỗ Thị Hồng Điệp

Indiv

0.2%

13.043

Nguyễn Thị Thu

Indiv

0.2%

13.043

Vũ Bình Minh

Indiv

0.1%

8.004

Board & Management

Đặng Anh Phương5.9%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Hà Thanh2.4%

Thành viên Hội đồng Quản trị

Phạm Thế Hùng2.3%

Phó Chủ tịch Hội đồng Quản trị

Đinh Quang Thái2.1%

Thành viên Hội đồng Quản trị

Hoàng Hà1.6%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Lê Việt Thắng0.9%

Phó Tổng Giám đốc

Nguyễn Thị Minh Nguyệt0.8%

Kế toán trưởng

Lư Hồng Chiều0.7%

Phó Tổng Giám đốc/Chủ tịch Hội đồng Quản trị

Nguyễn Doãn Lê Minh0.4%

Thành viên Hội đồng Quản trị

Vũ Bình Minh0.1%

Trưởng Ban kiểm soát

Ngô Minh Chí

Phụ trách Công bố thông tin

Đỗ Liên Hương

Thành viên Ban kiểm soát

Đoàn Thu Hằng

Thành viên Ban kiểm soát

Top connections

SGN25.0%WCS23.6%DNM22.7%PCH21.5%IDV18.0%SZL16.1%BAX16.1%TIP15.3%MTH13.6%ILB12.8%NCT11.0%PPS9.0%

Computed 12/04/2026