PIA

Technology

Công ty Cổ phần Tin học Viễn thông Petrolimex

Viễn thông/Viễn thông cố địnhCT

26.400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

59.406

Current

26.400

Gap

+125.0%

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)

71.92%

Kd(1-t)

6.26%

D/(D+E)

28.08%

WACC

11.54%

Growth Estimate

fundamental firm blend6.73%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→13.46x

Valuation

60%DCF Value

78.674

40%P/E Value

30.505

Blended Intrinsic

59.406

Value Decomposition

47%

53%

Explicit period (47%)Terminal value (53%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PIA

Earnings Quality

Fiscal year 2025

Good

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 · 2025

-2.63

Low Risk

DSRI

0.847

GMI

1.058

AQI

1.540

SGI

1.105

DEPI

0.718

SGAI

0.998

TATA

-0.049

LVGI

1.282

The Beneish M-Score of -2.6301 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality metrics reveal significant concerns, particularly with a revenue quality score of 0.0/100, suggesting potential issues with revenue recognition.

Red Flags

Revenue quality score of 0.0/100 indicates potential issues with revenue recognition.
High concentration of ownership with 50.3% held by a single institution, which may lead to governance risks.

Positive Signals

Earnings Quality Score of 76.2/100 indicates overall strong earnings quality.
Cash conversion rate of 100.0/100 suggests effective cash management.

Ownership Risk

The top shareholder holds 50.3% of the company, creating a risk of potential conflicts of interest and reduced shareholder influence on corporate governance.

Recommendation

Investors should closely monitor revenue recognition practices and consider diversifying their holdings to mitigate risks associated with concentrated ownership.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

4.25

Safe Zone

Sharpe

-0.03

Negative

Composite

Strong

Price Risk

Momentum

+6.2%

Volatility

49.8%

Max Drawdown

-17.7%

Key Ratios

Fiscal year 2025

7.64P/E

P/B1.40

P/S0.59

ROE18.5%

ROA12.5%

EPS3470.22

BVPS18903.83

Gross Margin34.6%

Net Margin7.7%

D/E0.56

Current Ratio2.29

Rev Growth10.5%

Profit Growth-3.3%

EV/EBITDA3.88

Div Yield0.0%

Company Overview

Issued Shares

3.9M

Charter Capital

39.0B 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 PIA — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH MTV - Tổng Công ty Xây Lắp Và Thương Mại Petrolimex

Inst

50.3%

2.0 trieu

Hoàng Hải Đường

Indiv

10.1%

Hoàng Hải Đường

Indiv

10.0%

390.985

Peter Eric Dennis

Indiv

5.2%

201.600

Phan Thanh Sơn

Indiv

2.0%

79.039

Trần Ngọc Tuấn

Indiv

1.7%

68.219

Trần Đăng Dũng

Indiv

1.5%

60.009

Hoàng Minh Phương

Indiv

1.4%

56.100

Đặng Thị Hồng Hà

Indiv

0.3%

13.000

Nguyễn Văn Quý

Indiv

0.3%

11.720

Phan Tùng Lâm

Indiv

0.1%

4.543

Cao Thị Hồng Vân

Indiv

0.1%

4.084

Board & Management

Hoàng Hải Đường10.0%

Thành viên Hội đồng Quản trị

PHAN THANH SƠN2.0%

Chủ tịch Hội đồng Quản trị

Trần Ngọc Tuấn1.7%

Thành viên Hội đồng Quản trị/Giám đốc

Đặng Thị Hồng Hà0.3%

Trưởng Ban kiểm soát

Nguyễn Văn Quý0.3%

Phó Giám đốc

Cao Thị Hồng Vân0.1%

Kế toán trưởng

Trần Quang Hùng

Phó Giám đốc

Vũ Thị Hằng

Thành viên Ban kiểm soát

Nguyễn Thị Bích Thúy

Người phụ trách quản trị công ty

Nguyễn Đình Thanh

Thành viên Hội đồng Quản trị

Trần Thị Hường

Thành viên Ban kiểm soát

Nguyễn Anh Toàn

Thành viên Hội đồng Quản trị

Top connections

PIT52.7%PLA51.0%PLE51.0%PEQ50.5%PMS50.3%PCC50.3%PEN50.3%TRS20.0%PMG20.0%GGG9.4%EBS6.9%DHP6.4%

Computed 12/04/2026