PSP

Construction

Công ty Cổ phần Cảng Dịch vụ Dầu khí Đình Vũ

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

20.800

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

8.995

Current

20.800

Gap

-56.8%

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)

83.45%

Kd(1-t)

6.66%

D/(D+E)

16.55%

WACC

11.28%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

13.142

50%DCF Value

4.848

Blended Intrinsic

8.995

Value Decomposition

40%

60%

Explicit period (40%)Terminal value (60%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PSP

Earnings Quality

Fiscal year 2025

Good

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 · 2025

-1.94

Moderate

DSRI

1.614

GMI

0.983

AQI

0.972

SGI

1.241

DEPI

0.968

SGAI

0.966

TATA

-0.034

LVGI

1.183

PSP exhibits several concerning indicators of potential earnings manipulation, particularly with a Beneish M-Score of -1.9379, which is below the manipulation threshold of -1.78. While the earnings quality score is relatively strong at 84.7/100, the low revenue quality score of 20.7/100 raises significant concerns about the sustainability of reported revenues.

Red Flags

Beneish M-Score of -1.9379 indicates potential earnings manipulation, as it is below the threshold of -1.78.
Revenue quality score of 20.7/100 suggests significant issues with revenue recognition and sustainability.

Positive Signals

Earnings quality score of 84.7/100 indicates overall strong earnings quality, with particularly high scores in cash conversion (100.0/100) and receivables (100.0/100).
Institutional ownership is high at 51.0% from Tổng Công ty Cổ phần Dịch vụ Kỹ thuật Dầu khí Việt Nam, indicating strong institutional confidence.

Ownership Risk

The high concentration of ownership among a few institutional investors may lead to governance risks, particularly if these entities have conflicting interests or if there is a lack of transparency in decision-making.

Recommendation

Investors should closely monitor PSP's revenue recognition practices and consider conducting further due diligence on the company's financial statements before making investment decisions.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

5.34

Safe Zone

Sharpe

0.25

Positive

Composite

Fair

Price Risk

Momentum

+48.1%

Volatility

100.4%

Max Drawdown

-30.0%

Key Ratios

Fiscal year 2025

68.64P/E

P/B1.72

P/S2.65

ROE2.5%

ROA2.1%

EPS285.70

BVPS11395.84

Gross Margin25.9%

Net Margin3.9%

D/E0.20

Current Ratio1.54

Rev Growth23.2%

Profit Growth36.8%

EV/EBITDA17.07

Div Yield0.0%

Company Overview

Issued Shares

40.0M

Charter Capital

400.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Dịch vụ vận tải

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

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

Inst

51.0%

20.4 trieu

Công ty Cổ Phần Hàng Hải Vsico

Inst

22.1%

8.8 trieu

Công ty Cổ phần Việt - Pháp Sản xuất Thức ăn Gia súc

Inst

5.0%

2.2 trieu

Công ty Cổ phần Hải Minh

Inst

3.5%

1.4 trieu

Board & Management

Nguyễn Hải Bằng

Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Chí Trung

Phó Giám đốc

Vũ Hữu An

Chủ tịch Hội đồng Quản trị

Nguyễn Tiên Phong

Thành viên Hội đồng Quản trị độc lập

Bùi Văn Đại

Thành viên Hội đồng Quản trị

Đặng Kiến Nghiệp

Kế toán trưởng

Vũ Văn Hùng

Phó Giám đốc

Trần Duy Nguyên

Trưởng Ban kiểm soát

Vũ Ngọc Phách

Phó Giám đốc

Nguyễn Bảo Thắng

Thành viên Ban kiểm soát

Nguyễn Thành Trung

Thành viên Ban kiểm soát

Cáp Trọng Cường

Thành viên Hội đồng Quản trị

Top connections

PQN95.2%POS85.0%PSN54.7%PSB51.0%PVY51.0%PVR51.0%TUG13.4%HAH3.5%

Computed 12/04/2026