POW

Utilities

Tổng Công ty Điện lực Dầu khí Việt Nam - CTCP

Điện, nước & xăng dầu khí đốt/Sản xuất & Phân phối ĐiệnCT

13.050

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

4.684

Current

13.050

Gap

-64.1%

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 blend1.82%

Model Inputs

DPS source:Actual dividends

DPS→250

Payout ratio→42.7%

Valuation

Dividends Per Share

250

Base Growth

1.82%

Cost of Equity

8.70%

Terminal Growth

3.50%

DDM Value

4.684

Value Decomposition

26%

74%

Explicit period (26%)Terminal value (74%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — POW

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.71

Low Risk

DSRI

1.077

GMI

0.520

AQI

0.200

SGI

1.127

DEPI

1.770

SGAI

1.261

TATA

0.027

LVGI

1.026

The Beneish M-Score of -2.7095 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 47.1/100, particularly low cash conversion (12.5/100) and revenue quality (20.8/100), raises concerns about the sustainability of reported earnings.

Red Flags

Earnings quality score of 47.1/100 suggests potential issues with earnings sustainability.
Cash conversion ratio of 12.5/100 indicates significant discrepancies between reported earnings and actual cash flow.

Positive Signals

Beneish M-Score of -2.7095 is well below the manipulation threshold, suggesting a lower risk of accounting fraud.
High receivables quality score of 100.0/100 indicates strong management of receivables.

Ownership Risk

The dominant ownership by Tập Đoàn Công Nghiệp – Năng Lượng Quốc Gia Việt Nam at 79.9% may lead to potential governance issues, limiting minority shareholders' influence and increasing the risk of decisions that may not align with broader shareholder interests.

Recommendation

Investors should closely monitor cash flow metrics and earnings quality indicators, considering a cautious approach given the elevated risks. Engaging with management for clarity on cash conversion strategies could provide further insights.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.09

Distress Zone

Sharpe

0.77

Positive

Composite

Weak

Price Risk

Momentum

+40.7%

Volatility

35.4%

Max Drawdown

-23.9%

Key Ratios

Fiscal year 2025

15.95P/E

P/B1.09

P/S1.09

ROE7.1%

ROA2.8%

EPS840.03

BVPS12325.77

Gross Margin12.7%

Net Margin6.9%

D/E1.39

Current Ratio1.22

Rev Growth12.7%

Profit Growth110.6%

EV/EBITDA10.02

Div Yield0.0%

Company Overview

Issued Shares

3067.8M

Charter Capital

30678.5B VND

Sector (ICB L2)

Điện, nước & xăng dầu khí đốt

Industry (ICB L3)

Sản xuất & Phân phối Điện

Sub-industry

Sản xuất & Phân phối Điện

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tập Đoàn Công Nghiệp – Năng Lượng Quốc Gia Việt Nam

Inst

79.9%

2.5 ty

PYN Elite Fund

Inst

2.5%

58.9 trieu

Norges Bank

Inst

1.3%

29.7 trieu

amersham industries limited

Inst

0.7%

16.6 trieu

Hanoi Investments Holdings Limited

Inst

0.5%

12.2 trieu

Vela SPC Ltd

Inst

0.5%

11.6 trieu

aquila spc ltd

Inst

0.5%

10.7 trieu

Wareham Group Limited

Inst

0.4%

8.3 trieu

Saigon Investments Limited

Inst

0.3%

6.6 trieu

auriga spc ltd

Inst

0.3%

6.6 trieu

Quỹ Đầu tư Giá trị Bảo Việt

Inst

0.2%

5.0 trieu

Quena Ltd

Inst

0.2%

4.7 trieu

DC Developing Markets Strategies Public Limited Company

Inst

0.2%

3.8 trieu

Danang Investments Limited

Inst

0.2%

3.8 trieu

Melodica Ltd

Inst

0.2%

3.7 trieu

Viola Ltd

Inst

0.1%

2.6 trieu

KB Vietnam Focus Balanced Fund

Inst

0.1%

2.6 trieu

Board & Management

Nguyễn Hoàng Yến

Thành viên Hội đồng Quản trị

Hồ Công Kỳ

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Ngọc Bích

Phó Tổng Giám đốc

Phạm Xuân Trường

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Duy Giang

Phó Tổng Giám đốc

Vũ Thị Ngọc Dung

Thành viên Ban kiểm soát

Nguyễn Đình Thi

Phụ trách Công bố thông tin

Lý Thị Thu Hương

Thành viên Ban kiểm soát

Nguyễn Minh Đạo

Phó Tổng Giám đốc

Vũ Quốc Hải

Trưởng Ban kiểm soát

Lê Như Linh

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Vũ Thị Tố Nga

Thành viên Hội đồng Quản trị

Nguyễn Anh Tuấn

Thành viên Hội đồng Quản trị

Hà Thị Minh Nguyệt

Phó Tổng Giám đốc/Thành viên Ban kiểm soát

Chu Quang Toản

Kế toán trưởng

Nguyễn Kiên

Phó Tổng Giám đốc

Phan Ngọc Hiền

Phó Tổng Giám đốc

Nguyễn Thị Minh Nghĩa

Người phụ trách quản trị công ty

Nguyễn Mạnh Tưởng

Phó Tổng Giám đốc

Vũ Chí Cường

Thành viên Hội đồng Quản trị độc lập

Đoàn Thị Thu Hà

Thành viên Ban kiểm soát

Top connections

GAS95.8%BSR92.1%OIL80.5%DCM2 links DPM2 links PVX79.9%PVS2 links PVT79.9%PVD4 links PSN79.9%PVC79.9%PVI79.9%

Computed 12/04/2026