PET

Tổng Công ty Cổ phần Dịch vụ Tổng hợp Dầu khí

VietnamConsumerBán lẻHOSECT

50.500

VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+1.4%Calibrated value vs last close

Last close (VND): 50.500
Calibrated intrinsic value (VND): 51.198

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

1
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
3
Apply to the close
That return is applied to the last close.

Keep in mind

For illustration only: not a validated forecast.
No uncertainty range: the estimate is a single figure.
Older record: it has not been re-measured on the current data.

Why it needs review

The model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 3 Nov 2026Valid through 3 Dec 2026

Model reliability: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Anchored to close on 3 Nov 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Bán lẻ→Consumer

Classified as consumer because ICB sector “Bán lẻ” maps to the consumer group.

ModelFCF-Based DCF

Intrinsic = 70% x DCF Value + 30% x (Fair P/E x EPS)

A Discounted Cash Flow model built on Free Cash Flow (FCF), the cash a business generates after operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted to today's value using WACC. The DCF value is blended 70/30 with a value from the company's own historical P/E.

Technical details

Why this model

Consumer staples/retail generate steady, predictable free cash flows, making them ideal for DCF. The time value of money principle means a dollar today is worth more than a dollar tomorrow. DCF captures this by discounting future cash flows at a rate reflecting the investment's risk (WACC).

How it works

Takes 3-year median FCF as the base. Estimates growth via ROIC x reinvestment rate (Damodaran framework), falling back to historical revenue growth. Projects 10 years with decay toward the sector's long-run growth rate. Discounts at CAPM-derived WACC. Blends 70% of the DCF value with 30% of a P/E value: the company's 5-year median P/E, held between 5x and 25x, times EPS.

Best for

Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

1.156

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

12.17%

E/(D+E)

31.95%

Kd(1-t)

2.52%

D/(D+E)

68.05%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→377.69B

Projection years→10

Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→50.500

Calibrated value vs last close→+1.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

51.198

What feeds each step— click a source to highlight it in the statements

Discount rate (WACC)10.00%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow377.7 tỷone off strip ratio: 0

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth	1.0%	2.5%	4.0%	5.5%	7.0%
8.0%	53.939	53.939	53.939	53.939	53.939
9.0%	51.198	53.939	53.939	53.939	53.939
10.0%	51.198	51.198	51.198	51.198	51.198
11.0%	51.198	51.198	51.198	51.198	51.198
12.0%	51.198	51.198	51.198	51.198	51.198

Above market priceBelow market priceCurrent estimate

PET among Consumer

Every stock in the sector, PET marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is PET. Drag to turn; open another stock from its bead.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
CURRENT ASSETS (Bn. VND)	·	12,330	9,021	8,259	7,756	7,164	5,083	3,715	4,331	4,786	4,741	4,542	5,282	5,661	·	·	·
Cash and cash equivalents (Bn. VND)Net debt bridge	·	1,474	1,766	1,072	1,093	2,576	1,808	816	1,038	1,342	1,694	1,461	2,050	2,101	·	·	·
Short-term investments (Bn. VND)Net debt bridge	·	4,276	2,856	2,597	1,828	417	218	99	28	28	14	9	18	18	·	·	·
Accounts receivable (Bn. VND)	·	4,663	2,387	2,369	2,035	2,495	2,086	1,451	1,847	2,229	1,632	1,334	1,309	1,302	·	·	·
Prepayments to suppliers (Bn. VND)	·	1,115	80	111	116	170	444	164	194	431	76	92	27	27	·	·	·
Net Inventories	·	1,631	1,718	1,902	2,419	1,447	784	1,122	1,006	775	970	1,301	1,522	1,884	·	·	·
Inventories, Net (Bn. VND)	·	1,676	1,729	1,915	2,475	1,477	811	1,145	1,034	791	986	1,331	1,558	1,909	·	·	·
Other current assets	·	285	294	318	383	229	187	227	411	411	432	436	383	356	·	·	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	6	13	·	·	·
LONG-TERM ASSETS (Bn. VND)	·	1,088	1,144	1,220	1,283	1,329	1,238	1,251	1,232	1,387	1,486	602	483	577	·	·	·
Long-term trade receivables (Bn. VND)	·	30	29	28	32	31	31	31	8	8	5	3	0	0	·	·	·
Other long-term receivables (Bn. VND)	·	30	29	28	32	31	31	31	8	8	4	1	0	0	·	·	·
Fixed assets (Bn. VND)	·	277	269	266	272	261	196	202	190	204	234	239	238	284	·	·	·
Tangible fixed assets	·	112	100	96	99	90	85	92	88	101	131	135	103	159	·	·	·
Intagible fixed assets	·	166	168	170	174	171	111	110	103	103	103	104	102	103	·	·	·
Investment in properties	·	475	514	554	593	633	673	714	758	803	915	5	6	0	·	·	·
Long-term investments (Bn. VND)	·	84	90	114	114	120	41	42	23	42	37	18	20	20	·	·	·
Investments in associate companies	·	82	87	108	111	117	39	31	15	17	17	16	18	18	·	·	·
Other long-term assets (Bn. VND)	·	22	22	22	22	22	22	30	29	28	22	2	2	2	·	·	·
Less: Provision for diminuation in value of long term investments	·	−22	−22	−22	−22	−22	−22	−23	−22	−3	−2	0	0	0	·	·	·
Other non-current assets	·	184	205	219	233	246	258	222	214	227	217	203	219	274	·	·	·
Long-term prepayments (Bn. VND)	·	184	205	211	226	238	249	211	199	213	201	202	208	263	·	·	·
TOTAL ASSETS (Bn. VND)	·	13,418	10,165	9,479	9,039	8,493	6,321	4,966	5,563	6,173	6,227	5,145	5,765	6,239	·	·	·
LIABILITIES (Bn. VND)	·	10,759	7,827	7,293	6,977	6,553	4,658	3,326	3,943	4,512	4,579	3,570	4,265	4,870	·	·	·
Current liabilities (Bn. VND)	·	10,728	7,800	7,241	6,861	6,382	4,382	3,006	3,557	4,099	4,159	3,376	4,206	4,821	·	·	·
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	7,055	4,980	4,516	3,627	3,323	2,508	1,271	1,614	2,031	2,303	1,864	2,642	3,132	·	·	·
Advances from customers (Bn. VND)	·	66	14	348	82	117	134	86	89	304	19	33	66	82	·	·	·
Long-term liabilities (Bn. VND)	·	31	27	52	117	171	276	320	386	413	420	194	59	49	·	·	·
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	11	76	95	207	255	280	279	251	0	0	0	·	·	·
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	2,659	2,338	2,186	2,062	1,940	1,663	1,640	1,620	1,661	1,648	1,574	1,352	1,233	·	·	·
Capital and reserves (Bn. VND)	·	2,659	2,338	2,186	2,062	1,940	1,663	1,640	1,620	1,661	1,648	1,574	1,352	1,233	·	·	·
Paid-in capital (Bn. VND)	·	1,073	1,073	1,073	905	905	866	866	866	866	866	846	698	698	·	·	·
Other Reserves	·	365	365	349	254	142	132	132	91	57	57	57	0	0	·	·	·
Investment and development funds (Bn. VND)	·	272	272	272	272	272	272	272	172	172	172	173	116	112	·	·	·
Undistributed earnings (Bn. VND)	·	551	305	179	351	343	178	158	264	303	272	241	317	211	·	·	·
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	147	135	·	·	·
TOTAL RESOURCES (Bn. VND)	·	13,418	10,165	9,479	9,039	8,493	6,321	4,966	5,563	6,173	6,227	5,145	5,765	6,239	·	·	·
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0.9	0	0	0	0	0	0	·	·	·
Common shares (Bn. VND)	·	1,073	1,073	1,073	905	905	866	866	866	866	866	846	698	698	·	·	·
Good will (Bn. VND)	·	0	0	5	6	8	9	11	12	14	0	0	0	0	·	·	·
MINORITY INTERESTSNet debt bridge	·	244	169	159	128	123	120	129	143	164	182	159	0	0	·	·	·

Earnings Quality

Fiscal year 2025

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 · 2025

75th–90th

M −1.21 · 85th pctile vs VN companies

YoY ▲ +1.47

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

1.705

GMI

1.020

AQI

0.702

SGI

1.146

DEPI

1.047

SGAI

0.973

TATA

0.130

LVGI

1.042

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −1.8210th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 8.5%77th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them.

The company's Beneish M-Score is -1.2087 (85th percentile vs Vietnamese peers) with a year-over-year increase of +1.47, indicating accounting metrics are more aggressive than most Vietnamese peers and have trended toward more aggressive settings over the last year. Earnings-quality metrics are weak overall (Earnings Quality 20.0/100) driven by very poor cash conversion (0.0/100) and receivables quality (0.0/100), while Altman Z-Score 2.35 places the company in the grey zone for bankruptcy distance and the Piotroski F-Score of 4/9 shows neutral fundamentals.

Red Flags

Beneish M-Score -1.2087 (85th percentile among Vietnamese peers): the M-Score is above most peers and rose by +1.47 year-over-year; the DSRI component is 1.7053 (high, indicating days-sales or receivables growth relative to sales), and TATA is 0.1296 (positive total accruals to total assets, suggesting accrual-based earnings).
Earnings-Quality Score 20.0/100 with Cash conversion 0.0/100 (3‑year operating cash flow / net profit = -1.82, at the 10th percentile): reported profits have not converted into cash over the rolling three-year window.
Receivables outside the trade cycle = 8.5% of total assets (77th percentile): a relatively high share of assets are receivables/prepayments/other long-term receivables outside ordinary trade operations.
Revenue-quality component very low (9.3/100) and Receivables quality 0.0/100: revenue and receivables signals point to weak earnings persistence and potential timing or recognition issues.

Positive Signals

AQI (Asset Quality Index) 0.7017 (below 1): proportionally lower asset reclassifications or unusual capitalisation compared with prior year.
GMI (Gross Margin Index) 1.0195 and SGAI (SG&A Index) 0.9725: gross margin has been broadly stable (GMI close to 1) and SG&A has not expanded materially relative to sales (SGAI slightly below 1).
DEPI (Depreciation Index) 1.0469 and LVGI (Leverage Index) 1.0420 are modestly above 1 but not extreme: depreciation policies and leverage show some movement but not large swings.
No accumulated losses, owner's equity (excluding minorities) is positive, and statutory loss tests under Decree 155/2020 (amended) are not met — the published statements do not trigger the listed-company statutory loss criteria.

Ownership Risk

The listed group holds 73.8% of PSD (control), indicating a controlling group shareholder. Top institutional holders include HD Fund Manager 18.7% and VietinBank Fund Manager 14.3%; director-deal activity shows registrations (not trades) of 2 sale registrations (total 24,916,934 shares, one registration without a volume) and 5 purchase registrations (two registrants, five without a volume) disclosed between 2025-10-30 and 2026-10-30.

To check in the filings

Compare the line items and notes for other receivables / loans and prepayments in the FY2025 balance sheet to quantify the 8.5% of total assets classified outside the trade cycle and identify related-party counterparties.
Reconcile operating cash flow and net profit in the cash flow statement and profit & loss to confirm the three-year cash conversion ratio of -1.82 and inspect the notes explaining major non-cash adjustments (Tập hợp các điều chỉnh vô tiền mặt).
Review the accounting policy and note on revenue recognition and the revenue breakout in FY2025 to investigate the low revenue-quality score (9.3/100) and the DSRI component (DSRI = 1.7053).
Inspect the auditor's report, retained earnings / accumulated losses schedule and the statutory-loss disclosure note to verify that accumulated losses are nil and that none of the Decree 155/2020 (as amended) statutory loss criteria are met.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.35

Grey Zone

Sharpe

1.82

Above 1

Composite

30 to 49

Piotroski F-Score Breakdown

✓Net Income > 0

✗Operating CF > 0

✓ROA Rising

✗OCF > Net Income

✓Lower Leverage

✗Better Liquidity

✓No Dilution

✗Margin Up

✗Turnover Up

DuPont Decomposition

Tax Burden0.77×Interest Burden1.03×Op. Margin0.02×Turnover1.63×Leverage5.05=ROE13.2%

Price Risk

Momentum

+130.1%

Volatility

45.0%

Max Drawdown

−18.3%

Key Ratios

Fiscal year 2025

30.63P/E

P/B: 3.27
P/S: 0.36
ROE: 11.3%
ROA: 2.2%
EPS: 2.419
BVPS: 22.628
Gross Margin: 4.6%
Net Margin: 1.6%
D/E: 2.65
Current Ratio: 1.15
Rev Growth: +15.4%
Profit Growth: +72.2%
EV/EBITDA: 24.51
Div Yield: —

Company Overview

Shares outstanding: 155M
Charter Capital: 1,547B VND
Sector (ICB L2): Bán lẻ
Industry (ICB L3): Bán lẻ
Sub-industry: Phân phối hàng chuyên dụng
Company Type: CT

Ownership network

Common ownership links for PET. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ phần Quản lý quỹ HD

Inst

18.7%

29.0M

2026-07-31

Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam

Inst

14.3%

22.1M

2026-09-28

Công ty Cổ phần Quản lý quỹ Đầu tư Sài Gòn - Hà Nội

Inst

6.1%

5.2M

2013-12-31

Công ty Cổ phần Chứng khoán SSI

SSI

4.1%

3.5M

2015-06-15

Deutsche Bank Aktiengesellchaft, London Branch

Inst

3.8%

3.2M

2013-12-31

Công ty Cổ phần Chứng khoán Thành phố Hồ Chí Minh

HCM

3.4%

2.8M

2015-06-15

Phùng Tuấn Hà

Indiv

2.9%

3.2M

2024-12-31

KITMC Worldwide Vietnam RSP Balanced Fund

Inst

2.8%

2.3M

2015-06-15

Ngân hàng Thương mại Cổ phần Đại chúng Việt Nam

Inst

2.7%

2.3M

2015-06-15

Công Đoàn Tổng Công ty Cổ Phần Dịch Vụ Tổng Hợp Dầu Khí

State

0.8%

830,000

2025-12-31

Deutsche Asset Management (Asia) Limited

Inst

0.5%

456,860

2013-12-20

Board & Management

Phùng Tuấn Hà2.9%

Chairman of Management Board

Trần Quang Huy

Chief Accountant

Phạm Thị Hồng Điệp

Member of Management Board/Deputy General Director

Hồ Hoàng Nguyên Vũ

Deputy General Director

Top connections

PSI51.2%FUESSV5025.6%AAS18.7%FCN18.7%HHC18.3%HAH18.2%GMH14.5%VSE14.3%PC114.3%NTL3 links VSC3 links FPT2 links

Listed group

PSDCông ty Cổ phần Dịch vụ Phân phối Tổng hợp Dầu khí
Subsidiary: over 50% held
73.8%
2026-07-27

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Director-deal registrations · 12 months

Sale registrations: 2 by 2 traders; 24,916,934 shares · 1 without a stated volume
Purchase registrations: 5 by 2 traders; 5 without a stated volume

Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam
Sale · Institution
—
2026-09-28
Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam
Purchase · Institution
—
2026-08-03
Công ty Cổ phần Quản lý quỹ HD
Purchase · Institution
—
2026-07-31
Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam
Purchase · Institution
—
2026-07-27
Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam
Purchase · Institution
—
2026-06-09
Tập Đoàn Công Nghiệp – Năng Lượng Quốc Gia Việt Nam
Sale · Institution
24,916,934
2025-12-25
Công ty Cổ phần Quản lý quỹ HD
Purchase · Institution
—
2025-12-18

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

DCF Sensitivity

PET among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

Ownership network

Listed group

Director-deal registrations · 12 months

PET among Consumer