PQN

Construction

Công ty Cổ phần Dịch vụ Dầu khí Quảng Ngãi PTSC

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

4.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

17.660

Current

4.000

Gap

+341.5%

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)

16.67%

Kd(1-t)

6.37%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

fundamental firm blend7.02%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

15.764

50%DCF Value

19.555

Blended Intrinsic

17.660

Value Decomposition

34%

66%

Explicit period (34%)Terminal value (66%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PQN

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.42

Moderate

DSRI

1.115

GMI

0.937

AQI

1.116

SGI

0.975

DEPI

0.923

SGAI

1.143

TATA

-0.000

LVGI

1.015

PQN exhibits several concerning financial metrics, particularly with a Beneish M-Score of -2.4225, indicating a potential risk of earnings manipulation. The earnings quality score of 60.1 suggests moderate quality, but the zero scores in receivables and revenue raise significant red flags regarding revenue recognition practices.

Red Flags

Beneish M-Score of -2.4225, indicating potential earnings manipulation as it is below the threshold of -1.78.
Earnings quality metrics show 0.0/100 for eq_receivables and eq_revenue, suggesting severe issues in revenue recognition and collection practices.

Positive Signals

Strong accrual score of 100.0/100 indicates effective management of accruals, suggesting that reported earnings may be supported by actual economic activity.
Ownership concentration with 95.2% held by a single institution may imply stability and commitment from major shareholders.

Ownership Risk

The high concentration of ownership (95.2%) by a single institutional investor could lead to governance risks, as minority shareholders may have limited influence over corporate decisions.

Recommendation

Investors should exercise caution and conduct further due diligence on PQN, particularly focusing on revenue recognition practices and the implications of high ownership concentration. Monitoring future earnings reports for consistency with cash flows is advisable.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.54

Distress Zone

Sharpe

0.00

Negative

Composite

Fair

Price Risk

Momentum

+0.0%

Volatility

0.0%

Max Drawdown

0.0%

Key Ratios

Fiscal year 2025

3.59P/E

P/B0.57

P/S0.08

ROE17.4%

ROA2.9%

EPS1113.45

BVPS6970.26

Gross Margin5.7%

Net Margin2.1%

D/E5.15

Current Ratio1.41

Rev Growth-2.5%

Profit Growth18.1%

EV/EBITDA0.35

Div Yield0.0%

Company Overview

Issued Shares

30.0M

Charter Capital

300.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

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

Inst

95.2%

28.6 trieu

Ngân hàng TM TNHH MTV Việt Nam Hiện đại

Inst

3.3%

1.0 trieu

Dương Hùng Văn

Indiv

0.2%

50.000

Board & Management

Dương Hùng Văn0.2%

Thành viên Hội đồng Quản trị

Phạm Văn Hùng

Thành viên Hội đồng Quản trị/Giám đốc

Nguyễn Trần Toàn

Chủ tịch Hội đồng Quản trị

Phan Thị Thùy Trang

Thành viên Ban kiểm soát

Ngô Tấn Quảng

Phó Giám đốc

Hồ Thị Kim Ánh

Trưởng Ban kiểm soát

Trịnh Lương Một

Kế toán trưởng

Nguyễn Tấn Tỉnh

Thành viên Ban kiểm soát

Nguyễn Văn Chinh

Phó Giám đốc

Top connections

POS2 links PSN95.2%PSB95.2%PSP95.2%PVY95.2%PVR95.2%PVV16.7%KSQ16.7%POB11.0%EVS5.5%CTX4.7%SBD4.1%

Computed 12/04/2026