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Consumer sector

QNS

Consumer
Công ty Cổ phần Đường Quảng Ngãi
Thực phẩm và đồ uống/Sản xuất thực phẩmCT
47.600
VND · Last close
Valuation Verdict
Undervalued
Medium
-120%Fair Value+120%
Intrinsic Value
75.038
Current
47.600
Gap
+57.6%
ModelFCF DCF

Valuation Breakdown

CTThực phẩm và đồ uốngConsumer
Classified as consumer because ICB sector "Thực phẩm và đồ uống" 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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.50%
+
Betasector default
0.800
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
10.10%
Ke
10.10%
x
E/(D+E)
72.43%
+
Kd(1-t)
7.08%
x
D/(D+E)
27.57%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend2.27%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF1751.38B
Projection years10
4
Valuation
Base FCF
1751.38B
Growth Rate
2.27%
WACC
10.00%
Terminal Growth
4.00%
DCF Value
75.038
Value Decomposition
43%
57%
Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — QNS

Earnings Quality

Fiscal year 2025

72
Good
Accrual Quality
95
Cash Conversion
90
Receivables
56
Margin Stability
93
Revenue Quality
2

Financial Forensics

Beneish M-Score · 2025

-2.34
Moderate
DSRI
1.286
GMI
1.017
AQI
0.911
SGI
1.032
DEPI
0.892
SGAI
1.412
TATA
-0.013
LVGI
0.937

The Beneish M-Score of -2.3377 indicates that QNS is not likely engaged in earnings manipulation, as it is well below the threshold of -1.78. However, the high SGI of 1.0322 and low eq_revenue score of 1.8/100 raise concerns about revenue growth sustainability and potential overstatement of sales.

Red Flags
  • SGI of 1.0322 suggests potential aggressive revenue recognition practices.
  • eq_revenue score of 1.8/100 indicates significant issues with revenue quality, raising concerns about the reliability of reported earnings.
Positive Signals
  • Earnings Quality Score of 71.6/100 reflects overall good earnings quality, particularly strong eq_accrual at 94.9/100.
  • Beneish M-Score of -2.3377 suggests low likelihood of earnings manipulation.
Ownership Risk

The top shareholders are predominantly institutional, which may provide stability; however, the concentration of ownership among a few entities could lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor revenue recognition practices and consider a deeper analysis of cash flow statements to validate reported earnings. Diversifying ownership could mitigate risks associated with concentrated shareholder influence.

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

Quantitative Scores

F-Score
5/9
Neutral
Z-Score
5.20
Safe Zone
Sharpe
0.01
Positive
Composite
62
Fair
Price Risk
Momentum
-1.3%
Volatility
12.1%
Max Drawdown
-13.5%

Key Ratios

Fiscal year 2025
9.38P/E
P/B1.69
P/S1.71
ROE18.6%
ROA13.7%
EPS5231.28
BVPS28974.90
Gross Margin33.4%
Net Margin18.2%
D/E0.35
Current Ratio3.07
Rev Growth3.5%
Profit Growth-19.1%
EV/EBITDA8.50
Div Yield4.1%

Company Overview

Issued Shares
367.6M
Charter Capital
3676.5B VND
Sector (ICB L2)
Thực phẩm và đồ uống
Industry (ICB L3)
Sản xuất thực phẩm
Sub-industry
Thực phẩm
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Công ty TNHH MTV Thương Mại Thành Phát
Inst
15.6%
55.5 trieu
Công Ty TNHH Một Thành Viên Thương Mại Thành Phát
Inst
15.1%
55.5 trieu
Võ Thành Đàng
Indiv
9.7%
35.5 trieu
Vinacapital Vietnam Opportunity Fund Ltd.
Inst
6.5%
23.3 trieu
Công ty Cổ phần Thực Phẩm Dinh Dưỡng Nutifood Bình Dương
Inst
4.4%
15.8 trieu
Foremost Worldwide Limited
Inst
3.9%
13.9 trieu
Công ty Cổ phần Thực phẩm Dinh dưỡng NutiFood
Inst
3.6%
12.8 trieu
Võ Thị Cẩm Nhung
Indiv
2.9%
10.7 trieu
Nguyễn Thị Kim Nguyệt
Indiv
1.8%
6.5 trieu
Trần Ngọc Phương
Indiv
1.8%
6.5 trieu
Nguyễn Văn Hòe
Indiv
1.5%
3.5 trieu
Ngô Văn Tụ
Indiv
1.1%
3.9 trieu
Cao Minh Tuấn
Indiv
0.8%
1.5 trieu
Nguyễn Hữu Tiến
Indiv
0.8%
2.9 trieu
Nguyễn Đình Quế
Indiv
0.7%
2.7 trieu
Nguyễn Thế Bình
Indiv
0.7%
2.7 trieu
Forum One - VinaCapital Vietnam Fund
Inst
0.6%
2.0 trieu
Đặng Phú Quý
Indiv
0.5%
2.0 trieu
Quỹ Đầu tư Cổ phiếu Tiếp Cận Thị Trường VinaCapital
Inst
0.5%
1.6 trieu
VOF Investment Limited
Inst
0.4%
1.3 trieu
Công Đoàn Công ty Cổ Phần Đường Quảng Ngãi
Inst
0.4%
1.3 trieu
Huỳnh Thị Hồng Mai
Indiv
0.3%
1.2 trieu
Nguyễn Hữu Tưởng
Indiv
0.3%
1.0 trieu
Nguyễn Đức Tiến
Indiv
0.3%
960.392
Vietnam Investment Property Holdings Limited
Inst
0.3%
898.300
Trần Quang Kiên
Indiv
0.2%
700.838
Nguyễn Anh Tài
Indiv
0.1%
527.529
Huỳnh Thị Ngọc Diệp
Indiv
0.1%
505.783
Board & Management
Võ Thành Đàng9.7%
Phó Chủ tịch Hội đồng Quản trị/Tổng Giám đốc
Trần Ngọc Phương1.8%
Phó Tổng Giám đốc/Chủ tịch Hội đồng Quản trị
Nguyễn Văn Hòe1.5%
Giám đốc Chi nhánh
Ngô Văn Tụ1.1%
Thành viên Hội đồng Quản trị
Nguyễn Hữu Tiến0.8%
Phó Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị
Nguyễn Đình Quế0.7%
Trưởng Ban kiểm soát
Nguyễn Thế Bình0.7%
Kế toán trưởng
Đặng Phú Quý0.5%
Thành viên Hội đồng Quản trị
Nguyễn Đức Tiễn0.3%
Giám đốc Chi nhánh
Huỳnh Thị Ngọc Diệp0.1%
Thành viên Ban kiểm soát
Nguyễn Thành Huy
Thành viên Ban kiểm soát
Phạm Thị Tuyết Ánh
Người phụ trách quản trị công ty
Nguyễn Văn Đông
Thành viên Hội đồng Quản trị độc lập
Computed 12/04/2026
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