PJC

Utilities

Công ty Cổ phần Thương mại và Vận tải Petrolimex Hà Nội

Điện, nước & xăng dầu khí đốt/Nước & Khí đốtCT

30.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

59.341

Current

30.600

Gap

+93.9%

ModelDDM 3STAGE

Valuation Breakdown

CT→Điện, nước & xăng dầu khí đốt→Utility

Classified as utility because ICB sector "Điện, nước & xăng dầu khí đốt" maps to the utility group

Model3-Stage DDM

Value = Sum of [DPS x (1+g)^t / (1+Ke)^t] + Terminal Dividend / (Ke - g_terminal)

The Dividend Discount Model values a stock based on its future dividend payments, discounted to present value. The 3-stage variant captures three phases of a company's life: high growth (years 1-3), a transition period where growth declines linearly (years 4-6), and a terminal stage of stable, perpetual growth (year 7+). As John D. Rockefeller said: "The only thing that gives me pleasure is to see my dividends coming in."

Cost of Equity (Ke)

Risk-Free (Rf)

4.50%

Betasector default

0.600

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

8.70%

Growth Estimate

fundamental equity blend5.26%

Model Inputs

DPS source:Actual dividends

DPS→2.800

Payout ratio→64.9%

Valuation

Dividends Per Share

2.800

Base Growth

5.26%

Cost of Equity

8.70%

Terminal Growth

3.50%

DDM Value

59.341

Value Decomposition

25%

75%

Explicit period (25%)Terminal value (75%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PJC

Earnings Quality

Fiscal year 2025

Fair

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

-2.78

Low Risk

DSRI

1.192

GMI

0.898

AQI

0.474

SGI

1.085

DEPI

1.249

SGAI

1.028

TATA

-0.064

LVGI

1.048

PJC exhibits several concerning indicators of potential earnings manipulation, as evidenced by a Beneish M-Score of -2.7846, which is well below the manipulation threshold of -1.78. However, the company maintains a relatively strong earnings quality score of 67.7/100, indicating some level of operational integrity.

Red Flags

Beneish M-Score of -2.7846 indicates a higher likelihood of earnings manipulation, significantly below the threshold of -1.78.
The revenue quality score is 0.0/100, suggesting potential issues with revenue recognition practices.

Positive Signals

Earnings Quality Score of 67.7/100 indicates a reasonable level of earnings integrity, particularly with cash conversion at 100.0/100.
The company has a relatively low SGI of 1.0850, suggesting controlled growth relative to its sales.

Ownership Risk

The majority ownership by Tập đoàn Xăng dầu Việt Nam (51.1%) indicates a strong institutional presence, which can provide stability but may also lead to governance risks if interests diverge from minority shareholders.

Recommendation

Investors should closely monitor PJC's financial disclosures and consider a cautious approach due to the elevated risk of earnings manipulation, while also recognizing the strong cash conversion metrics as a positive sign.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

6.68

Safe Zone

Sharpe

0.22

Positive

Composite

Fair

Price Risk

Momentum

+10.3%

Volatility

95.5%

Max Drawdown

-24.4%

Key Ratios

Fiscal year 2025

6.23P/E

P/B1.40

P/S0.18

ROE23.1%

ROA13.9%

EPS4993.57

BVPS22195.10

Gross Margin11.3%

Net Margin2.8%

D/E0.68

Current Ratio1.26

Rev Growth8.5%

Profit Growth38.3%

EV/EBITDA2.46

Div Yield4.8%

Company Overview

Issued Shares

7.3M

Charter Capital

73.3B VND

Sector (ICB L2)

Điện, nước & xăng dầu khí đốt

Industry (ICB L3)

Nước & Khí đốt

Sub-industry

Phân phối xăng dầu & khí đốt

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tập đoàn Xăng dầu Việt Nam

Inst

51.1%

3.0 trieu

Phạm Thành Đô

Indiv

4.0%

289.921

Nguyễn Thái Ninh

Indiv

3.5%

254.338

Phạm Văn Hội

Indiv

0.8%

57.656

Vũ Thị Nhâm

Indiv

0.5%

20.725

Bùi Văn Thành

Indiv

0.4%

17.100

Hoàng Xuân Sự

Indiv

0.4%

31.125

Phạm Quốc Hùng

Indiv

0.4%

25.312

Trần Quang Long

Indiv

0.3%

11.250

Trần Quang Xiêng

Indiv

0.2%

13.925

Vũ Viết Hoàng

Indiv

0.2%

11.625

Hoàng Thị Thùy Linh

Indiv

0.1%

8.531

Phạm Văn Chiến

Indiv

0.1%

7.733

Board & Management

Nguyễn Thái Ninh3.5%

Thành viên Ban kiểm soát

Bùi Văn Thành0.4%

Chủ tịch Hội đồng Quản trị

Phạm Quốc Hùng0.4%

Thành viên Hội đồng Quản trị/Giám đốc

Vũ Viết Hoàng0.2%

Phó Giám đốc

Hoàng Thị Thùy Linh0.1%

Kế toán trưởng

Phạm Văn Chiến0.1%

Phó Giám đốc

Vũ Thị Thu Hường

Trưởng Ban kiểm soát

Đỗ Mạnh Cường

Phó Giám đốc

Mai Ngọc Du

Thành viên Hội đồng Quản trị

Bùi Thị Huệ Linh

Thành viên Ban kiểm soát

Nguyễn Thanh Hằng

Thành viên Hội đồng Quản trị

Hoàng Văn Bình

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Hoàn

Phó Giám đốc Kỹ thuật

Top connections

PLC79.1%VPA58.0%PSC52.7%PGC52.4%PTX51.1%PGI51.1%PGB51.1%VSE51.1%BMF51.1%BMJ8.0%TDM5.0%HGM2 links

Computed 12/04/2026