SBT

Consumer

Công ty Cổ phần Thành Thành Công - Biên Hòa

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

22.800

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

6.502

Current

22.800

Gap

-71.5%

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.

Distressed Valuation

Negative Intrinsic Value

BVPS

13.004

Discount

50%

Floor Value

13.004

Valuation Track Record

Retroactive intrinsic value vs actual close price — SBT

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.70

Elevated

DSRI

1.326

GMI

1.277

AQI

1.097

SGI

0.874

DEPI

0.972

SGAI

0.990

TATA

0.085

LVGI

0.957

SBT exhibits several concerning indicators of potential earnings manipulation, as suggested by its Beneish M-Score of -1.6965, which is close to the manipulation threshold. Additionally, the low earnings quality score of 29.5/100, particularly the zero scores in cash conversion and revenue quality, raises significant red flags regarding the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.6965, indicating potential earnings manipulation as it is close to the threshold of -1.78.
Earnings Quality Score of 29.5/100, with a cash conversion score of 0.0/100, suggesting severe issues in converting earnings to cash.
Revenue quality score of 0.0/100, indicating that reported revenues may not be reliable.

Positive Signals

DSRI of 1.3260 suggests that inventory growth is not excessively outpacing revenue growth, which can be a positive indicator.
High margin score of 85.7/100 indicates strong profitability potential.

Ownership Risk

The ownership structure is heavily concentrated, with the top three institutional shareholders holding over 60% of shares. This concentration may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor SBT's financial disclosures and consider a cautious approach, possibly waiting for improved earnings quality metrics before making investment decisions.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

1.53

Distress Zone

Sharpe

2.53

Excellent

Composite

Weak

Price Risk

Momentum

+80.0%

Volatility

16.1%

Max Drawdown

-12.3%

Key Ratios

Fiscal year 2025

27.48P/E

P/B1.84

P/S0.80

ROE7.0%

ROA2.2%

EPS869.68

BVPS13003.81

Gross Margin8.9%

Net Margin2.9%

D/E1.94

Current Ratio1.22

Rev Growth-12.5%

Profit Growth-8.6%

EV/EBITDA24.82

Div Yield0.0%

Company Overview

Issued Shares

855.1M

Charter Capital

8767.2B VND

Sector (ICB L2)

Thực phẩm và đồ uống

Industry (ICB L3)

Sản xuất thực phẩm

Sub-industry

Thực phẩm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty TNHH Đặng Thành

Inst

23.6%

35.1 trieu

Công ty Cổ phần Đầu tư Thành Thành Công

Inst

20.9%

183.2 trieu

Legendary Venture Fund I

Inst

16.5%

138.3 trieu

Đặng Huỳnh Ức My

Indiv

16.1%

Đặng Huỳnh Ức My

Indiv

9.4%

82.8 trieu

Huỳnh Bích Ngọc

Indiv

8.9%

78.2 trieu

Agri Asia Pacific Limited

Inst

4.8%

25.4 trieu

Công ty TNHH Kinh Đô

Inst

4.8%

7.1 trieu

Công ty Cổ phần Sữa Việt Nam

Inst

4.8%

7.1 trieu

Halley Sicav - Halley Asian Prosperity

Inst

4.7%

7.0 trieu

Công ty Cổ Phần Xuất Nhập Khẩu Bến Tre

Inst

4.1%

20.2 trieu

DEG – Deutsche Investitions - Und Entwicklungsgesellschaft MBH

Inst

3.1%

21.6 trieu

VanEck Vietnam ETF

Inst

1.6%

8.7 trieu

Công ty Cổ Phần Giao Dịch Hàng Hóa Sơn Tín

Inst

1.5%

3.7 trieu

Nguyễn Thanh Ngữ

Indiv

0.7%

5.7 trieu

Trần Quế Trang

Indiv

0.6%

3.2 trieu

Quách Kim Long

Indiv

0.6%

18.354

Hoàng Mạnh Tiến

Indiv

0.4%

3.2 trieu

Nguyễn Thùy Vân

Indiv

0.2%

1.4 trieu

Nguyễn Thị Hoa

Indiv

0.2%

1.2 trieu

Nguyễn Thị Bích Ngọc

Indiv

0.2%

375.000

Nguyễn Thị Thủy Tiên

Indiv

0.2%

1.1 trieu

Henry Chung

Indiv

0.1%

970.198

Nguyễn Thị Phương Thảo

Indiv

0.1%

1.3 trieu

Huỳnh Văn Pháp

Indiv

0.1%

1.2 trieu

Dương Thị Tô Châu

Indiv

0.1%

749.395

Lê Quang Hải

Indiv

0.1%

634.293

Board & Management

Đặng Huỳnh Ức My9.4%

Phó Chủ tịch Hội đồng Quản trị

Huỳnh Bích Ngọc8.9%

Chủ tịch Hội đồng Quản trị

Nguyễn Thanh Ngữ0.7%

Tổng Giám đốc

Hoàng Mạnh Tiến0.4%

Thành viên Hội đồng Quản trị độc lập

Nguyễn Thị Phương Thảo0.1%

Giám đốc Tài chính

Huỳnh Văn Pháp0.1%

Giám đốc Kinh doanh

Dương Thị Tô Châu0.1%

Phó Tổng Giám đốc

Lê Phát Tín

Kế toán trưởng

Lê Đức Tồn

Giám đốc Nhà máy

Phạm Hồng Dương

Thành viên Hội đồng Quản trị/Phụ trách Công bố thông tin

Võ Thúy Anh

Thành viên Hội đồng Quản trị độc lập

Trần Huy Hào

Giám đốc điều hành

Đoàn Vũ Uyên Duyên

Phó Tổng Giám đốc

Đinh Thị Ngọc Thảo

Người phụ trách quản trị công ty

Võ Tòng Xuân

Thành viên Hội đồng Quản trị

Huang Lovia

Thành viên Hội đồng Quản trị độc lập

Top connections

VLC68.9%VNG3 links SCR3 links SHG21.2%GEG6 links ACM9.8%NO19.8%TID8.9%MCM8.8%VJC8.0%FIC7.0%MGG6.9%

Computed 12/04/2026