PTT

Construction

Công ty Cổ phần Vận tải Dầu khí Đông Dương

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

9.800

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

1.492

Current

9.800

Gap

-84.8%

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)

53.22%

Kd(1-t)

6.35%

D/(D+E)

46.78%

WACC

10.00%

Growth Estimate

fundamental firm blend2.70%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

-2.662

50%DCF Value

1.492

Blended Intrinsic

1.492

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PTT

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

-1.00

High Risk

DSRI

1.661

GMI

1.748

AQI

0.642

SGI

1.625

DEPI

1.906

SGAI

0.676

TATA

0.036

LVGI

1.812

PTT's Beneish M-Score of -0.9985 indicates a low likelihood of earnings manipulation, as it is above the manipulation threshold of -1.78. However, concerning earnings quality metrics, particularly the low cash conversion score of 0.0/100 and high SGI of 1.6249, suggest potential issues with revenue recognition and operational efficiency.

Red Flags

High SGI of 1.6249 indicates aggressive sales growth that may not be sustainable.
Earnings Quality Score of 45.1/100, particularly low cash conversion (0.0/100) and revenue margin (5.3/100), raises concerns about the reliability of reported earnings.

Positive Signals

Beneish M-Score of -0.9985 suggests a lower likelihood of earnings manipulation.
Strong receivables score of 100.0/100 indicates effective management of accounts receivable.

Ownership Risk

The ownership structure is heavily concentrated, with the top shareholder holding 54.1%, which could lead to governance risks and potential conflicts of interest. This concentration may limit minority shareholders' influence.

Recommendation

Investors should closely monitor PTT's cash flow and revenue recognition practices due to the low cash conversion and high growth indicators. Consider a cautious approach to investment until clearer signs of operational stability and earnings quality improvement are evident.

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

Quantitative Scores

F-Score

1/9

Weak

Z-Score

1.61

Distress Zone

Sharpe

0.11

Positive

Composite

Weak

Price Risk

Momentum

+35.6%

Volatility

121.6%

Max Drawdown

-65.4%

Key Ratios

Fiscal year 2025

9.58P/E

P/B0.75

P/S0.37

ROE8.1%

ROA4.4%

EPS1106.02

BVPS14171.55

Gross Margin7.9%

Net Margin3.9%

D/E1.24

Current Ratio1.75

Rev Growth62.5%

Profit Growth-25.4%

EV/EBITDA7.97

Div Yield0.0%

Company Overview

Issued Shares

16.5M

Charter Capital

164.9B 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 PTT — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Cổ phần Vận tải Dầu khí

Inst

54.1%

8.9 trieu

Nguyễn Hồng Hiệp

Indiv

20.9%

3.4 trieu

Công ty TNHH Vận Tải Biển Châu Á Thái Bình Dương

Inst

20.6%

3.4 trieu

Công ty Cổ phần PVI

Inst

10.0%

1.0 trieu

Board & Management

Phạm Hồng Chấn

Phó Giám đốc

Phạm Tuấn Anh

Phó Giám đốc

Nguyễn Thế Dân

Trưởng Ban kiểm soát

Nguyễn Thị Huyền

Trưởng phòng Tài chính - Kế toán

Nguyễn Bá Nghị

Thành viên Ban kiểm soát

Nguyễn Mạnh Hùng

Thành viên Hội đồng Quản trị

Đỗ Đức Hùng

Thành viên Hội đồng Quản trị

Lê Thị Hải Yến

Thành viên Ban kiểm soát

Lê Thanh Sơn

Thành viên Hội đồng Quản trị/Giám đốc

Lê Mạnh Tuấn

Chủ tịch Hội đồng Quản trị

Vũ Hoài Nam

Phó Giám đốc

Bùi Hữu Cơ

Phó Giám đốc

Nguyễn Đình Chính

Kế toán trưởng

Đỗ Lan Phương

Phụ trách Công bố thông tin

Top connections

PRE81.1%GSP2 links PVP64.9%PDV54.1%PCT20.9%ASP20.9%PSB10.0%SGD10.0%PVX10.0%VNR10.0%VHH10.0%

Computed 12/04/2026