SGD

Technology

Công ty Cổ phần Sách Giáo dục tại Thành phố Hồ Chí Minh

Truyền thôngCT

19.700

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

33.996

Current

19.700

Gap

+72.6%

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)

68.88%

Kd(1-t)

5.89%

D/(D+E)

31.12%

WACC

11.20%

Growth Estimate

fundamental firm blend8.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→16x

Valuation

60%DCF Value

33.996

40%P/E Value

—

Blended Intrinsic

33.996

Value Decomposition

45%

55%

Explicit period (45%)Terminal value (55%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SGD

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

-3.56

Low Risk

DSRI

0.844

GMI

0.735

AQI

1.081

SGI

0.733

DEPI

0.994

SGAI

1.296

TATA

-0.129

LVGI

0.802

SGD exhibits several concerning indicators of earnings quality and potential manipulation, as evidenced by its Beneish M-Score of -3.5576, which is significantly below the manipulation threshold. The low earnings quality score of 25.4/100, particularly in receivables and revenue metrics, raises further red flags regarding the reliability of reported financials.

Red Flags

Beneish M-Score of -3.5576 indicates potential earnings manipulation, well below the threshold of -1.78.
Earnings Quality Score of 25.4/100, with eq_receivables at 0.0/100 and eq_revenue at 15.2/100, suggests severe issues in revenue recognition and cash conversion.

Positive Signals

DSRI of 0.8440 indicates that accounts receivable are growing slower than revenue, which could suggest better cash management.

Ownership Risk

The concentrated ownership structure, with the top five shareholders holding over 72% of the company, poses a risk of governance issues and potential conflicts of interest, particularly in a market where SOEs and conglomerates often dominate.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly focusing on cash flow statements and revenue recognition practices before making any investment decisions in SGD.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

4.61

Safe Zone

Sharpe

-0.02

Negative

Composite

Fair

Price Risk

Momentum

+53.6%

Volatility

107.1%

Max Drawdown

-49.0%

Key Ratios

Fiscal year 2025

-76.63P/E

P/B1.75

P/S0.58

ROE-2.3%

ROA-1.3%

EPS-257.07

BVPS11226.10

Gross Margin11.2%

Net Margin-0.8%

D/E0.35

Current Ratio2.63

Rev Growth-26.5%

Profit Growth-0.9%

EV/EBITDA50.85

Div Yield0.0%

Company Overview

Issued Shares

4.1M

Charter Capital

41.4B 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 SGD — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH THAP MUOI

Inst

18.6%

750.940

Công ty TNHH Daithien.com

Inst

18.0%

727.740

Công ty TNHH MTV Nhà Xuất Bản Giáo Dục Việt Nam

Inst

15.3%

632.000

Công ty Cổ phần Đầu tư và Phát triển Giáo dục Quốc gia

Inst

10.0%

415.000

Công ty TNHH HHH SG

Inst

10.0%

404.300

nguyen-tan-phuc

Indiv

8.8%

364.170

Công ty Cổ phần Phát triển Hùng Hậu

Inst

8.0%

323.440

Công ty Cổ phần Đầu tư Sài Gòn Thương Tín

Inst

7.4%

305.700

Trần Tấn Kiệt

Indiv

6.0%

243.880

Ngô Trọng Quang

Indiv

4.8%

193.800

Công ty CP Đầu Tư Kim Cương

Inst

4.4%

183.900

Công ty Cổ phần PVI

Inst

1.8%

74.600

Hoàng Văn Đại

Indiv

1.1%

44.000

Nguyễn Thị Chung

Indiv

0.9%

33.050

Phạm Cảnh Toàn

Indiv

0.5%

19.350

Nguyễn Tuấn Kiệt

Indiv

0.3%

11.500

Phan Xuân Phương

Indiv

0.2%

6.100

Bùi Tất Tươm

Indiv

0.1%

4.500

Board & Management

Đỗ Thị Phương Thảo

Thành viên Ban kiểm soát

Ngô Trọng Vinh

Chủ tịch Hội đồng Quản trị/Phó Giám đốc

Ngô Thị Thanh Huyền

Trưởng Ban kiểm soát

Nguyễn Minh Ngọc

Phụ trách Công bố thông tin

Nguyễn Trọng Hà

Thành viên Hội đồng Quản trị

Nguyễn Thị Lan Phương

Kế toán trưởng

Nguyễn Thị Ánh Hồng

Thành viên Ban kiểm soát

Lê Thị Tuyết Minh

Thành viên Hội đồng Quản trị

Ngô Anh Phương

Thành viên Hội đồng Quản trị

Lâm Quỳnh Hương

Thành viên Hội đồng Quản trị

Từ Thanh Phụng

Tổng Giám đốc

Top connections

PRE81.1%SJ12 links SMN53.1%STC2 links NBE46.0%SED2 links DAD41.5%EID40.2%ADC37.4%CMC3 links DAE29.4%EBS3 links

Computed 12/04/2026