SED

Technology

Công ty Cổ phần Đầu tư và Phát triển Giáo dục Phương Nam

Truyền thôngCT

18.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

105.733

Current

18.600

Gap

+468.5%

ModelDCF PE BLEND

Valuation Breakdown

CT→Technology

Defaulted to technology (no specific sector mapping found)

ModelDCF + P/E Blend

Intrinsic = 60% x DCF Value + 40% x (Fair P/E x EPS)

Technology companies combine high growth potential with the risk of overvaluation. This model blends DCF (60% weight, capturing long-duration growth) with a P/E sanity check (40% weight, capping speculative excess). The DCF uses the slowest growth decay (0.05) recognizing that tech companies can sustain competitive advantages longer. The P/E component applies a dynamic ceiling: max P/E = min(growth% x 1.5, 30), preventing runaway valuations.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.300

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

13.60%

E/(D+E)

55.73%

Kd(1-t)

5.96%

D/(D+E)

44.27%

WACC

10.22%

Growth Estimate

fundamental firm blend7.18%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→14.36x

Valuation

60%DCF Value

156.913

40%P/E Value

28.962

Blended Intrinsic

105.733

Value Decomposition

40%

60%

Explicit period (40%)Terminal value (60%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SED

Earnings Quality

Fiscal year 2025

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

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2018

-1.72

Elevated

DSRI

1.293

GMI

0.978

AQI

1.182

SGI

1.075

DEPI

0.683

SGAI

1.155

TATA

0.093

LVGI

1.027

SED exhibits a Beneish M-Score of -1.7208, indicating a potential risk of earnings manipulation, though it is just above the manipulation threshold. The earnings quality score of 41.2/100, particularly low cash conversion and receivables metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.7208 is close to the manipulation threshold of -1.78, indicating potential earnings manipulation.
Earnings quality score of 41.2/100, with cash conversion at only 5.5/100 and receivables at 9.2/100, suggests significant issues in revenue recognition and cash flow sustainability.

Positive Signals

The SGI of 1.0748 indicates some growth in sales, which could be a positive sign if supported by actual cash flows.
The high margin score of 100.0/100 suggests strong profitability in terms of margin, which could indicate operational efficiency.

Ownership Risk

The top shareholder, Công ty TNHH MTV Nhà Xuất Bản Giáo Dục Việt Nam, holds a significant 43.4% stake, which may lead to potential governance risks and lack of minority shareholder influence.

Recommendation

Investors should approach SED with caution, monitoring for any signs of earnings manipulation and assessing cash flow sustainability. Consider a deeper analysis of operational performance and governance structure before making investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.44

Safe Zone

Sharpe

-1.65

Negative

Composite

Fair

Price Risk

Momentum

-24.0%

Volatility

16.0%

Max Drawdown

-34.9%

Key Ratios

Fiscal year 2025

5.14P/E

P/B0.53

P/S0.17

ROE10.6%

ROA6.2%

EPS3620.26

BVPS35152.78

Gross Margin24.7%

Net Margin3.3%

D/E0.62

Current Ratio2.19

Rev Growth-16.9%

Profit Growth-40.6%

EV/EBITDA1.79

Div Yield0.0%

Company Overview

Issued Shares

10.0M

Charter Capital

100.0B VND

Sector (ICB L2)

Truyền thông

Industry (ICB L3)

Truyền thông

Sub-industry

Sách, ấn bản & sản phẩm văn hóa

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty TNHH MTV Nhà Xuất Bản Giáo Dục Việt Nam

Inst

43.4%

4.3 trieu

PYN Elite Fund

Inst

4.6%

429.100

Yu Jen Chieh

Indiv

4.0%

397.200

Công ty Cổ phần Đầu tư tài chính Thiên Hóa

Inst

3.7%

370.000

Ngô Trọng Vinh

Indiv

2.9%

271.800

Công ty Cổ phần Đầu tư CMC

Inst

2.0%

186.900

Vũ Bá Hòa

Indiv

0.5%

50.000

Lê Huy

Indiv

0.4%

37.000

Đặng Thục Trinh

Indiv

0.4%

35.000

Xà Thiệu Hoàng

Indiv

0.3%

30.000

Trần Thị Kim Nhung

Indiv

0.3%

30.000

Lê Phương Mai

Indiv

0.3%

25.000

Hoàng Minh Tâm

Indiv

0.3%

25.000

Trần Đức Thịnh

Indiv

0.1%

15.000

Mai Ngọc Liên

Indiv

0.1%

10.500

Đặng Thanh Trúc

Indiv

0.1%

10.000

Board & Management

Lê Huy0.4%

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Lê Phương Mai0.3%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Mai Ngọc Liên0.1%

Phó Tổng Giám đốc

Bùi Thu Giang

Thành viên Hội đồng Quản trị

Nguyễn Thị Chanh

Trưởng Ban kiểm soát

Đỗ Thị Phương Thảo

Thành viên Ban kiểm soát

Nguyễn Minh Trang

Người phụ trách quản trị công ty

Nguyễn Thị Thu Hồng

Thành viên Hội đồng Quản trị

Đoàn Xuân Linh

Thành viên Ban kiểm soát

Phạm Lan Anh

Kế toán trưởng

Đinh Gia Lê

Chủ tịch Hội đồng Quản trị

Top connections

SMN53.1%STC52.5%NBE46.0%DAD2 links EID43.4%ADC43.4%DAE2 links EBS4 links ECI2 links SGD2 links HTP2 links HEV2 links

Computed 12/04/2026