PNP

Construction

Công ty Cổ phần Tân Cảng – Phú Hữu

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

20.200

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

84.792

Current

20.200

Gap

+319.8%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

65.02%

Kd(1-t)

6.39%

D/(D+E)

34.98%

WACC

10.17%

Growth Estimate

fundamental firm blend5.03%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

38.319

50%DCF Value

131.266

Blended Intrinsic

84.792

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PNP

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

0.75

High Risk

DSRI

2.896

GMI

1.003

AQI

2.519

SGI

1.033

DEPI

0.915

SGAI

1.262

TATA

0.186

LVGI

0.913

The Beneish M-Score of 0.7516 indicates a significant likelihood of earnings manipulation, particularly with a DSRI of 2.8956, suggesting aggressive revenue recognition practices. Coupled with a low Earnings Quality Score of 35.4/100, this raises substantial concerns about the reliability of reported earnings.

Red Flags

Beneish M-Score of 0.7516 exceeds the manipulation threshold of -1.78, indicating potential earnings manipulation.
DSRI of 2.8956 suggests aggressive revenue recognition, which is concerning in the context of VAS accounting standards.
Earnings Quality Score of 35.4/100 reflects poor earnings quality, particularly with cash conversion and receivables metrics at 0.0/100.

Positive Signals

The company maintains a high eq_margin of 100.0/100, indicating strong profitability on its core operations.
SGI of 1.0327 suggests modest growth in sales, which is a positive signal in the context of the Vietnamese market.

Ownership Risk

The top two shareholders, both state-owned enterprises, hold a combined 81.2% of the shares, which may lead to potential conflicts of interest and limit minority shareholder influence.

Recommendation

Investors should exercise caution and consider avoiding this stock due to high risk of earnings manipulation. A thorough review of financial statements and governance practices is recommended before any investment decision.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.70

Safe Zone

Sharpe

-0.14

Negative

Composite

Fair

Price Risk

Momentum

+4.0%

Volatility

75.3%

Max Drawdown

-34.7%

Key Ratios

Fiscal year 2025

7.64P/E

P/B1.39

P/S0.93

ROE18.5%

ROA12.2%

EPS2669.21

BVPS14637.33

Gross Margin25.8%

Net Margin12.2%

D/E0.54

Current Ratio2.11

Rev Growth-1.1%

Profit Growth2.4%

EV/EBITDA2.25

Div Yield0.0%

Company Overview

Issued Shares

16.1M

Charter Capital

161.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Vận tải Thủy

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công Ty TNHH Một Thành Viên Cảng Bến Nghé

Inst

45.1%

7.3 trieu

Công ty TNHH MTV Tổng Công ty Tân Cảng Sài Gòn

Inst

36.1%

5.8 trieu

Công ty Cổ Phần Container Saigon

Inst

6.5%

1.0 trieu

Board & Management

Lê Quốc Việt

Phó Giám đốc/Thành viên Hội đồng Quản trị

Đặng Hoài Giang

Chủ tịch Hội đồng Quản trị

Nguyễn Ngọc Thảo

Thành viên Hội đồng Quản trị

Võ Xuân Chung

Phó Giám đốc

Nguyễn Lê Bảo Quốc

Thành viên Ban kiểm soát

Trần Thị Việt Hà

Phụ trách Công bố thông tin/Kế toán trưởng

Lê Thị Huyền

Trưởng Ban kiểm soát

Nguyễn Văn Thuy

Thành viên Hội đồng Quản trị/Giám đốc

Trần Tất Thắng

Thành viên Ban kiểm soát

Nguyễn Năng Toàn

Thành viên Hội đồng Quản trị

Top connections

TCW59.0%ILB51.3%IST51.0%TCL2 links TOS36.1%CLL36.1%MBB36.1%CMV4.3%

Computed 12/04/2026