PPS

Consumer

Công ty Cổ phần Dịch vụ Kỹ thuật Điện lực Dầu khí Việt Nam

Hàng & Dịch vụ Công nghiệp/Tư vấn & Hỗ trợ Kinh doanhCT

10.400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

13.490

Current

10.400

Gap

+29.7%

ModelFCF DCF

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Consumer

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

ModelFCF-Based DCF

Value = Sum of [FCF / (1+WACC)^t] + Terminal Value / (1+WACC)^n

A classic Discounted Cash Flow model built on Free Cash Flow (FCF), the actual cash a business generates after all operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted back to today's value using WACC. This is the gold standard of intrinsic valuation: it values the company based on what it can actually deliver to shareholders, independent of market sentiment.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.000

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

11.50%

E/(D+E)

64.86%

Kd(1-t)

6.17%

D/(D+E)

35.14%

WACC

10.00%

Growth Estimate

fundamental firm blend6.41%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→8.93B

Projection years→10

Valuation

Base FCF

8.93B

Growth Rate

6.41%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

13.490

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PPS

Earnings Quality

Fiscal year 2025

Good

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 · 2025

-2.63

Low Risk

DSRI

0.813

GMI

1.218

AQI

0.895

SGI

1.026

DEPI

1.061

SGAI

0.898

TATA

-0.004

LVGI

1.235

PPS exhibits a Beneish M-Score of -2.6287, indicating a low likelihood of earnings manipulation, as it is well below the manipulation threshold of -1.78. However, the earnings quality metrics reveal concerns, particularly in revenue quality, which scored only 36.3/100, suggesting potential issues in revenue recognition.

Red Flags

Revenue quality score of 36.3/100 indicates significant risk in revenue recognition practices.
The DSRI of 0.8131 suggests that accounts receivable are growing slower than sales, which could indicate aggressive revenue recognition.

Positive Signals

Beneish M-Score of -2.6287 suggests low likelihood of earnings manipulation.
Earnings Quality Score of 76.7/100 reflects generally strong earnings quality, particularly in accruals (98.3/100) and cash conversion (89.4/100).

Ownership Risk

The ownership structure is heavily concentrated, with the top three shareholders holding over 83% of the shares, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of concentrated ownership on governance. A thorough review of financial disclosures and cash flow statements is recommended before making investment decisions.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.55

Grey Zone

Sharpe

-0.10

Negative

Composite

Fair

Price Risk

Momentum

+2.0%

Volatility

28.4%

Max Drawdown

-12.7%

Key Ratios

Fiscal year 2025

10.44P/E

P/B0.84

P/S0.41

ROE8.0%

ROA4.8%

EPS996.15

BVPS12375.43

Gross Margin13.8%

Net Margin3.9%

D/E0.77

Current Ratio1.97

Rev Growth2.6%

Profit Growth-19.7%

EV/EBITDA6.38

Div Yield0.0%

Company Overview

Issued Shares

15.0M

Charter Capital

150.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Tư vấn & Hỗ trợ Kinh doanh

Sub-industry

Tư vấn & Hỗ trợ KD

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Điện lực Dầu khí Việt Nam

Inst

51.0%

7.7 trieu

Công ty YTL Power Services SDN.BHD.

Inst

18.0%

2.7 trieu

Công ty Cổ phần Megram

Inst

14.5%

2.2 trieu

Phạm Đức Nghĩa

Indiv

12.0%

1.8 trieu

Mã Ngọc Kỳ

Indiv

12.0%

1.8 trieu

america limited liability company

Inst

9.0%

1.4 trieu

Công ty TNHH Phát Triển Công Nghệ

Inst

2.2%

330.000

Board & Management

Phạm Đức Nghĩa12.0%

Thành viên Hội đồng Quản trị

Mã Ngọc Kỳ12.0%

Thành viên Hội đồng Quản trị

Phạm Hùng Anh

Trưởng Ban kiểm soát

Vũ Huy Quang

Thành viên Hội đồng Quản trị

Bùi Duy Nhị

Phó Giám đốc/Chủ tịch Hội đồng Quản trị

Phan Ngọc Hiền

Phó Tổng Giám đốc

Phùng Văn Đức

Phó Giám đốc

Vũ Anh Tuấn

Thành viên Hội đồng Quản trị/Giám đốc

Nguyễn Quang Đông

Thành viên Ban kiểm soát

Lê Đình Thái

Phụ trách Công bố thông tin/Kế toán trưởng

Nguyễn Văn Tạo

Giám đốc Chi nhánh

Phan Xuân Thắng

Phó Giám đốc

Vũ Quang Dũng

Phó Giám đốc

Lữ Văn Thụ

Thành viên Ban kiểm soát

Top connections

HNA80.7%NT22 links DDN51.0%VDL51.0%EIC51.0%SGN25.0%WCS23.6%DNM22.7%IDV18.0%SZL16.1%BAX16.1%TIP15.3%

Computed 12/04/2026