PTG

Consumer

Công ty Cổ phần May Xuất Khẩu Phan Thiết

Hàng cá nhân & Gia dụng/Hàng cá nhânCT

1.200

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

234.715

Current

1.200

Gap

+500.0%

ModelFCF DCF

Valuation Breakdown

CT→Hàng cá nhân & Gia dụng→Consumer

Classified as consumer because ICB sector "Hàng cá nhân & Gia dụng" 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

0.800

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

10.10%

E/(D+E)

54.42%

Kd(1-t)

6.44%

D/(D+E)

45.58%

WACC

10.00%

Growth Estimate

fundamental firm blend2.82%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→57.04B

Projection years→10

Valuation

Base FCF

57.04B

Growth Rate

2.82%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

234.715

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — PTG

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.97

Low Risk

DSRI

0.789

GMI

0.857

AQI

0.468

SGI

1.139

DEPI

1.486

SGAI

1.079

TATA

-0.024

LVGI

1.177

PTG exhibits a Beneish M-Score of -2.9674, indicating a low likelihood of earnings manipulation, as it falls well below the manipulation threshold of -1.78. However, the earnings quality metrics reveal some concerns, particularly with a revenue quality score of 0.0/100, suggesting potential issues in revenue recognition.

Red Flags

Revenue quality score of 0.0/100 indicates significant concerns regarding revenue recognition practices.
SGI of 1.1391 suggests that sales growth is outpacing the industry average, which could be a red flag for sustainability.

Positive Signals

Earnings Quality Score of 81.2/100 and high scores in accrual (90.5/100) and cash conversion (94.2/100) indicate strong overall earnings quality.
Beneish M-Score of -2.9674 suggests low likelihood of earnings manipulation.

Ownership Risk

The ownership structure is concentrated among a few individuals, with the top four shareholders holding over 49% of the company. This concentration may lead to governance risks, as decisions may not reflect broader shareholder interests.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of concentrated ownership on governance. A thorough review of financial statements and potential adjustments in revenue reporting is advisable before making investment decisions.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.92

Grey Zone

Sharpe

2.17

Excellent

Composite

Strong

Price Risk

Momentum

+66.7%

Volatility

83.8%

Max Drawdown

0.0%

Key Ratios

Fiscal year 2025

0.09P/E

P/B0.03

P/S0.01

ROE31.5%

ROA17.3%

EPS12942.38

BVPS39505.13

Gross Margin15.4%

Net Margin11.6%

D/E0.95

Current Ratio1.85

Rev Growth13.9%

Profit Growth23.2%

EV/EBITDA-2.49

Div Yield0.0%

Company Overview

Issued Shares

5.0M

Charter Capital

50.0B VND

Sector (ICB L2)

Hàng cá nhân & Gia dụng

Industry (ICB L3)

Hàng cá nhân

Sub-industry

Hàng May mặc

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Huỳnh Văn Nghi

Indiv

13.4%

666.930

Huỳnh Mỹ Linh

Indiv

10.1%

501.945

Huỳnh Thanh Vũ

Indiv

8.9%

442.500

Dương Thị Thu Hồng

Indiv

7.2%

358.650

Nguyễn Quốc Bình

Indiv

6.5%

322.845

Bùi Trọng Thủy

Indiv

5.1%

254.085

Nguyễn Thị Lệ Hòa

Indiv

4.8%

240.000

Ngô Thị Nam

Indiv

3.4%

163.000

Đặng Thùy Mai

Indiv

3.1%

153.810

Huỳnh Hải

Indiv

2.1%

95.265

Đoàn Tấn Kiều

Indiv

1.9%

96.435

Nguyễn Thị Phụng

Indiv

1.6%

75.870

Lê Thanh Hoài Vũ

Indiv

1.1%

53.850

Huỳnh Thị Ngọc Chẩn

Indiv

1.0%

52.170

Đỗ Nguyễn Thy Linh

Indiv

0.7%

31.580

Trần Thị Tuyết Thanh

Indiv

0.4%

18.700

Nguyễn Thị Thu

Indiv

0.3%

11.700

Nguyễn Hữu Thắng

Indiv

0.2%

9.120

Trịnh Doãn Phước

Indiv

0.2%

8.080

Board & Management

Huỳnh Văn Nghi13.4%

Chủ tịch Hội đồng Quản trị

Huỳnh Mỹ Linh10.1%

Phó Tổng Giám đốc

Nguyễn Quốc Bình6.5%

Phó Chủ tịch Hội đồng Quản trị

Ngô Thị Nam3.4%

Phó Tổng Giám đốc/Phụ trách Công bố thông tin

Đặng Thùy Mai3.1%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Đoàn Tấn Kiều1.9%

Thành viên Ban kiểm soát

Lê Thanh Hoài Vũ1.1%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Huỳnh Thị Ngọc Chẩn1.0%

Kế toán trưởng/Giám đốc Tài chính

Trần Thị Tuyết Thanh0.4%

Thành viên Hội đồng Quản trị

Nguyễn Hữu Thắng0.2%

Thành viên Ban kiểm soát

Nguyễn Tấn Vũ

Trưởng Ban kiểm soát

Top connections

CJC25.5%VID7.1%PGN6.5%DHC6.5%IME6.5%AIG6.5%KTT6.5%PGI6.5%VHE5.0%DFC4.8%DL14.8%FID4.4%

Computed 12/04/2026