SB1

Consumer

Công ty Cổ phần Bia Sài Gòn - Nghệ Tĩnh

Thực phẩm và đồ uống/Bia và đồ uốngCT

7.200

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

36.486

Current

7.200

Gap

+406.8%

ModelFCF DCF

Valuation Breakdown

CT→Thực phẩm và đồ uống→Consumer

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.

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)

68.60%

Kd(1-t)

6.36%

D/(D+E)

31.40%

WACC

10.00%

Growth Estimate

Sector Default4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→17.81B

Projection years→10

Valuation

Base FCF

17.81B

Growth Rate

4.00%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

36.486

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — SB1

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-1.36

High Risk

DSRI

2.410

GMI

1.063

AQI

0.858

SGI

1.108

DEPI

0.943

SGAI

0.937

TATA

-0.053

LVGI

1.033

SB1 demonstrates a moderate risk profile with some concerning indicators of earnings quality and ownership concentration. While the Beneish M-Score suggests a low likelihood of manipulation, the high DSRI and low receivables score indicate potential revenue recognition issues.

Red Flags

DSRI of 2.4099 indicates significant growth in receivables compared to revenue, suggesting potential revenue recognition concerns.
The earnings quality score of 65.0/100, particularly the eq_receivables score of 0.0/100, raises concerns about the reliability of reported earnings.

Positive Signals

Beneish M-Score of -1.3635 is below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
High cash conversion score of 100.0/100 suggests strong cash flow generation relative to earnings.

Ownership Risk

The top shareholder, a state-owned enterprise, holds a substantial 54.7% stake, indicating a strong influence over corporate governance. This concentration may pose risks related to decision-making and transparency.

Recommendation

Investors should closely monitor revenue recognition practices and consider diversifying holdings due to the high ownership concentration. Conduct further due diligence on cash flow sustainability and receivables management.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

3.16

Safe Zone

Sharpe

0.10

Positive

Composite

Strong

Price Risk

Momentum

+3.3%

Volatility

50.9%

Max Drawdown

-23.7%

Key Ratios

Fiscal year 2024

8.88P/E

P/B0.47

P/S0.18

ROE8.3%

ROA5.6%

EPS1049.53

BVPS12810.85

Gross Margin12.1%

Net Margin3.1%

D/E0.48

Current Ratio2.26

Rev Growth10.7%

Profit Growth2.7%

EV/EBITDA-0.52

Div Yield11.6%

Company Overview

Issued Shares

10.5M

Charter Capital

105.0B VND

Sector (ICB L2)

Thực phẩm và đồ uống

Industry (ICB L3)

Bia và đồ uống

Sub-industry

Sản xuất bia

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for SB1 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Cổ phần Bia - Rượu - Nước Giải khát Sài Gòn

Inst

54.7%

5.7 trieu

Đặng An Hải

Indiv

1.0%

102.810

Nguyễn Xuân Hải

Indiv

0.6%

67.534

nguyen-thanh-thuy

Indiv

0.2%

25.400

Board & Management

Đặng An Hải1.0%

Phó Giám đốc

Nguyễn Xuân Hải0.6%

Thành viên Hội đồng Quản trị

Nguyễn Thanh Thuỷ0.2%

Thành viên Ban kiểm soát

Trần Quốc Tuấn

Phó Giám đốc

Nguyễn Thị Huân

Thành viên Ban kiểm soát

Nguyễn Kim Hòa

Thành viên Hội đồng Quản trị

Nguyễn Thị Thùy Linh

Trưởng Ban kiểm soát

Đặng Hải Hà

Kế toán trưởng

Hoàng Lâm Hòa

Thành viên Hội đồng Quản trị/Giám đốc điều hành

NGUYỄN TIẾN DŨNG

Chủ tịch Hội đồng Quản trị

Đoàn Tiến Dũng

Thành viên Hội đồng Quản trị

Trần Đức Sơn

Phó Giám đốc

Top connections

WSB86.3%BSL68.8%BSQ66.6%SCD62.1%SBB59.6%BSD2 links SMB54.7%BSP54.7%STD54.7%SBL2 links PDC54.7%TNM12.8%

Computed 12/04/2026