PMT

Technology

Công ty Cổ phần Viễn thông Telvina Việt Nam

Công nghệ Thông tin/Thiết bị và Phần cứngCT

6.900

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

3.591

Current

6.900

Gap

-48.0%

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)

76.14%

Kd(1-t)

6.12%

D/(D+E)

23.86%

WACC

11.82%

Growth Estimate

Sector Default8.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→16x

Valuation

60%DCF Value

3.591

40%P/E Value

—

Blended Intrinsic

3.591

Value Decomposition

48%

52%

Explicit period (48%)Terminal value (52%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PMT

Earnings Quality

Fiscal year 2024

Weak

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

-1.32

High Risk

DSRI

1.155

GMI

1.166

AQI

2.317

SGI

1.002

DEPI

1.021

SGAI

1.131

TATA

0.086

LVGI

0.961

The Beneish M-Score of -1.3217 indicates that PMT is not likely to be manipulating earnings, as it is above the threshold of -1.78. However, the earnings quality score of 44.5/100, particularly low cash conversion and revenue metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 44.5/100 indicates potential issues with earnings sustainability, particularly low cash conversion (40.0/100) and revenue quality (22.6/100).
The DSRI of 1.1546 suggests that accounts receivable are growing faster than revenue, which could indicate aggressive revenue recognition practices.

Positive Signals

The Beneish M-Score of -1.3217 is above the manipulation threshold, suggesting a lower likelihood of earnings manipulation.
The ownership structure shows strong institutional control with Tập Đoàn Bưu Chính Viễn Thông Việt Nam holding 49.8%, which can provide stability and governance.

Ownership Risk

The significant institutional ownership (49.8%) by Tập Đoàn Bưu Chính Viễn Thông Việt Nam suggests a degree of stability; however, the concentration of ownership can also lead to potential conflicts of interest and reduced minority shareholder influence.

Recommendation

Investors should closely monitor cash flow and revenue recognition practices, and consider a cautious approach given the moderate risk level. Further analysis of operational efficiency and management practices is recommended to assess long-term viability.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

3.44

Safe Zone

Sharpe

0.04

Positive

Composite

Weak

Price Risk

Momentum

+7.3%

Volatility

96.1%

Max Drawdown

-35.8%

Key Ratios

Fiscal year 2024

-9.99P/E

P/B0.46

P/S0.20

ROE-4.5%

ROA-3.5%

EPS-700.87

BVPS15102.79

Gross Margin6.4%

Net Margin-2.0%

D/E0.30

Current Ratio4.05

Rev Growth0.2%

Profit Growth-825.8%

EV/EBITDA-8.64

Div Yield0.0%

Company Overview

Issued Shares

5.0M

Charter Capital

50.0B VND

Sector (ICB L2)

Công nghệ Thông tin

Industry (ICB L3)

Thiết bị và Phần cứng

Sub-industry

Thiết bị viễn thông

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tập Đoàn Bưu Chính Viễn Thông Việt Nam

Inst

49.8%

2.5 trieu

Nguyễn Thúy Hà

Indiv

17.2%

850.000

Tô Chí Thành

Indiv

3.1%

152.300

Công ty Cổ phần Create Capital Việt Nam

Inst

3.0%

150.000

Đặng Mạnh Cường

Indiv

0.7%

37.300

Trần Hữu Hồng Trường

Indiv

0.3%

15.000

Bùi Hồng Ánh

Indiv

0.2%

10.264

Nguyễn Ngọc Minh

Indiv

0.2%

10.247

Nguyễn Văn Sơn

Indiv

0.2%

9.749

Nguyễn Đình Thảo

Indiv

0.2%

9.577

nguyen-thanh-mai

Indiv

0.1%

4.727

Board & Management

Tô Chí Thành3.1%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Trần Hữu Hồng Trường0.3%

Thành viên Hội đồng Quản trị

Nguyễn Hữu Thành

Trưởng Ban kiểm soát

Nguyễn Thị Bích Hiền

Kế toán trưởng

Nguyễn Thị Hoàng Lan

Thành viên Ban kiểm soát

Nguyễn Thị Ngọc Hà

Thành viên Ban kiểm soát

Trịnh Văn Hiền

Thành viên Ban kiểm soát

Nguyễn Thanh Hải

Chủ tịch Hội đồng Quản trị

Nguyễn Anh Thư

Thành viên Ban kiểm soát

Lê Việt Dũng

Phó Tổng Giám đốc

Top connections

PMJ51.0%POT50.0%CKV49.8%PTP49.8%VTC49.8%KST49.8%TST49.8%HAX49.8%VTE49.8%ICT49.8%PTO49.8%ABC49.8%

Computed 12/04/2026