PAI

Technology

Công ty Cổ phần Công nghê thông tin, Viễn thông và Tự động hóa Dầu khí

Viễn thông/Viễn thông cố địnhCT

13.600

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

12.630

Current

13.600

Gap

-7.1%

ModelDCF PE BLEND

Valuation Breakdown

CT→Technology

Defaulted to technology (no specific sector mapping found)

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)

66.95%

Kd(1-t)

6.34%

D/(D+E)

33.05%

WACC

11.20%

Growth Estimate

fundamental firm blend5.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→10x

Valuation

60%DCF Value

14.555

40%P/E Value

9.742

Blended Intrinsic

12.630

Value Decomposition

46%

54%

Explicit period (46%)Terminal value (54%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PAI

Earnings Quality

Fiscal year 2024

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.01

Moderate

DSRI

1.483

GMI

0.846

AQI

0.235

SGI

0.863

DEPI

0.859

SGAI

1.167

TATA

0.124

LVGI

1.000

The Beneish M-Score of -2.0118 indicates that PAI is below the manipulation threshold, suggesting a lower likelihood of earnings manipulation. However, the earnings quality score of 28.2/100, particularly low cash conversion and receivables metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 28.2/100, with cash conversion at 0.0/100 and receivables at 0.0/100, indicating potential issues with cash flow and revenue recognition.
DSRI of 1.4834, which is significantly above 1, suggesting potential overstatement of receivables relative to sales.

Positive Signals

Beneish M-Score of -2.0118, indicating a lower likelihood of earnings manipulation.
High eq_margin score of 98.5/100, suggesting strong profitability in terms of margins.

Ownership Risk

The ownership structure shows significant concentration with the top shareholder holding 51.8%, which may lead to governance risks and potential conflicts of interest. The presence of state-owned enterprises may also influence operational decisions.

Recommendation

Investors should closely monitor cash flow metrics and consider a deeper analysis of revenue recognition practices. Given the elevated risk level, a cautious approach is advised, potentially delaying any significant investment until further clarity on earnings quality is obtained.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

3.51

Safe Zone

Sharpe

0.14

Positive

Composite

Weak

Price Risk

Momentum

+10.2%

Volatility

53.8%

Max Drawdown

-43.6%

Key Ratios

Fiscal year 2024

15.70P/E

P/B1.13

P/S0.54

ROE8.4%

ROA5.6%

EPS974.23

BVPS11502.99

Gross Margin21.1%

Net Margin4.0%

D/E0.49

Current Ratio2.58

Rev Growth-13.7%

Profit Growth-14.6%

EV/EBITDA10.64

Div Yield0.0%

Company Overview

Issued Shares

4.2M

Charter Capital

42.4B VND

Sector (ICB L2)

Viễn thông

Industry (ICB L3)

Viễn thông cố định

Sub-industry

Viễn thông cố định

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ phần Thương mại Dầu khí

Inst

51.8%

2.2 trieu

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước

State

13.6%

576.120

Công ty Cổ phần Dịch vụ Kỹ thuật Điện lực Dầu khí Việt Nam

Inst

11.9%

504.000

Công ty Cổ phần Chứng khoán Dầu khí

Inst

11.8%

501.810

Tổng Công ty Phân bón và Hóa chất Dầu khí

Inst

8.5%

360.000

nguyen-viet-anh

Indiv

0.2%

10.000

Board & Management

Nguyễn Việt Anh0.2%

Giám đốc/Thành viên Hội đồng Quản trị

Vũ Trường Quang

Trưởng Ban kiểm soát

Đào Quang Ngọc

Phó Giám đốc

Nguyễn Ngọc Lan

Kế toán trưởng

Đào Việt Phương

Phó Giám đốc

Nguyễn Ngọc Anh

Thành viên Ban kiểm soát

Vũ Quốc Anh

Thành viên Hội đồng Quản trị

Phạm Việt Thắng

Phó Giám đốc

Đỗ Thị Bích Hà

Chủ tịch Hội đồng Quản trị

Phạm Hùng Anh

Thành viên Hội đồng Quản trị

Nguyễn Minh Đức

Thành viên Hội đồng Quản trị

Lê Ngọc Diệp

Thành viên Hội đồng Quản trị

Nguyễn Thị Kim Anh

Thành viên Ban kiểm soát

Top connections

SJG99.8%MIE99.6%TVN93.9%VGV87.3%PCE75.0%PMB75.0%PSE75.0%PSW75.0%VNP65.8%DVN2 links SEA63.4%QTC53.8%

Computed 12/04/2026