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Utilities sector

PMW

Utilities
Công ty Cổ phần Cấp Nước Phú Mỹ
Điện, nước & xăng dầu khí đốt/Nước & Khí đốtCT
35.000
VND · Last close
Valuation Verdict
Undervalued
Low
-120%Fair Value+120%
Intrinsic Value
45.257
Current
35.000
Gap
+29.3%
ModelDDM 3STAGE

Valuation Breakdown

CTĐiện, nước & xăng dầu khí đốtUtility
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."

1
Cost of Equity (Ke)
Risk-Free (Rf)
4.50%
+
Betasector default
0.600
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
8.70%
2
Growth Estimate
Sector Default2.00%
3
Model Inputs
DPS source:Actual dividends
DPS2.400
Payout ratio114.3%
4
Valuation
Dividends Per Share
2.400
Base Growth
2.00%
Cost of Equity
8.70%
Terminal Growth
3.50%
DDM Value
45.257
Value Decomposition
26%
74%
Explicit period (26%)Terminal value (74%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PMW

Earnings Quality

Fiscal year 2025

70
Fair
Accrual Quality
95
Cash Conversion
87
Receivables
100
Margin Stability
66
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025

-2.95
Low Risk
DSRI
0.574
GMI
1.031
AQI
1.185
SGI
0.977
DEPI
0.975
SGAI
1.078
TATA
-0.013
LVGI
1.229

PMW exhibits a Beneish M-Score of -2.9531, indicating a low likelihood of earnings manipulation. However, the earnings quality score of 69.7 suggests some concerns, particularly with revenue recognition, which could impact financial reliability.

Red Flags
  • The revenue quality score is 0.0/100, indicating significant issues with revenue recognition that could suggest aggressive accounting practices.
Positive Signals
  • The DSRI of 0.5739 indicates that accounts receivable are growing at a slower rate than revenue, which is a positive sign for cash flow management.
Ownership Risk

The top two institutional shareholders control 57.2% of PMW, which may lead to concentrated decision-making and potential minority shareholder risks.

Recommendation

Investors should closely monitor PMW's revenue recognition practices and consider the implications of institutional ownership concentration before making investment decisions.

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

Quantitative Scores

F-Score
6/9
Neutral
Z-Score
12.31
Safe Zone
Sharpe
-0.08
Negative
Composite
62
Fair
Price Risk
Momentum
+2.4%
Volatility
43.1%
Max Drawdown
-22.0%

Key Ratios

Fiscal year 2025
14.48P/E
P/B2.98
P/S4.85
ROE19.8%
ROA17.3%
EPS2382.40
BVPS11586.63
Gross Margin33.9%
Net Margin33.5%
D/E0.16
Current Ratio0.43
Rev Growth-2.3%
Profit Growth20.5%
EV/EBITDA14.78
Div Yield5.8%

Company Overview

Issued Shares
50.0M
Charter Capital
500.0B VND
Sector (ICB L2)
Điện, nước & xăng dầu khí đốt
Industry (ICB L3)
Nước & Khí đốt
Sub-industry
Nước
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Công ty Cổ phần Cấp Nước Châu Đức
Inst
40.5%
20.2 trieu
Công ty Cổ phần Cấp Nước Bà Rịa - Vũng Tàu
Inst
16.7%
8.3 trieu
Võ Thị Khánh Vân
Indiv
1.3%
672.830
nguyen-chien-thang
Indiv
1.3%
392.378
Đoàn Hữu Thuận
Indiv
1.0%
398.105
Phạm Thị Hoa
Indiv
0.9%
265.960
Đinh Chí Đức
Indiv
0.8%
386.301
Nguyễn Thị Trinh
Indiv
0.6%
179.442
Lê Minh Đức
Indiv
0.6%
227.133
nguyen-luong-dien
Indiv
0.6%
278.483
Đinh Thị Quỳnh Trang
Indiv
0.4%
179.443
Nguyễn Thị Minh Ngọc
Indiv
0.3%
158.508
nguyen-canh-tung
Indiv
0.3%
156.446
Đoàn Hữu Hải
Indiv
0.3%
140.569
Nguyễn Thị Nhung
Indiv
0.3%
133.504
Võ Hiền Hiếu
Indiv
0.3%
136.969
Nguyễn Văn Mạnh
Indiv
0.3%
130.354
Phạm Tấn Luận
Indiv
0.3%
125.637
Lê Thị Thanh Thủy
Indiv
0.2%
116.515
Võ Thị Nhã
Indiv
0.2%
106.077
nguyen-chau-truc
Indiv
0.2%
58.288
Đặng Hồng Đăng
Indiv
0.2%
88.188
nguyen-canh-toan
Indiv
0.1%
51.500
Board & Management
Đinh Chí Đức0.8%
Chủ tịch Hội đồng Quản trị
Lê Minh Đức0.6%
Trưởng Ban kiểm soát
Nguyễn Lương Điền0.6%
Thành viên Hội đồng Quản trị
Đinh Thị Quỳnh Trang0.4%
Thành viên Ban kiểm soát
Nguyễn Thị Ngọc0.3%
Thành viên Hội đồng Quản trị
Nguyễn Văn Mạnh0.3%
Thành viên Hội đồng Quản trị/Phó Giám đốc
Phạm Tấn Luận0.3%
Thành viên Hội đồng Quản trị/Giám đốc
Nguyễn Châu Trực0.2%
Phó Giám đốc
Đặng Hồng Đăng0.2%
Thành viên Hội đồng Quản trị
Vũ Thị Như Trang
Thành viên Hội đồng Quản trị/Kế toán trưởng
Nguyễn Tấn Long
Thành viên Ban kiểm soát
Nguyễn Trọng Hải
Người phụ trách quản trị công ty
Computed 12/04/2026
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