SGN

Construction

Công ty Cổ phần Phục vụ mặt đất Sài Gòn

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

53.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

102.078

Current

53.000

Gap

+92.6%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

79.22%

Kd(1-t)

6.41%

D/(D+E)

20.78%

WACC

11.00%

Growth Estimate

fundamental firm blend5.99%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

74.613

50%DCF Value

129.544

Blended Intrinsic

102.078

Value Decomposition

38%

62%

Explicit period (38%)Terminal value (62%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SGN

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.65

Elevated

DSRI

2.144

GMI

1.137

AQI

0.500

SGI

0.975

DEPI

1.065

SGAI

1.153

TATA

-0.008

LVGI

1.055

SGN exhibits a moderate risk profile with a Beneish M-Score of -1.6533, indicating a low likelihood of earnings manipulation. However, the high DSRI of 2.1441 and an Earnings Quality Score of 79.8 suggest potential concerns around revenue recognition and overall earnings quality.

Red Flags

DSRI of 2.1441 indicates significant growth in receivables relative to sales, which may signal aggressive revenue recognition practices.
SGI of 0.9753 suggests a slight decline in sales growth, which could raise concerns about sustainability of revenue.
The EQ Revenue score of 0.0/100 indicates severe issues with revenue recognition, raising red flags about the accuracy of reported earnings.

Positive Signals

Earnings Quality Score of 79.8/100 reflects strong accruals and cash conversion metrics, indicating a generally healthy earnings profile.
High AQI of 0.5000 suggests a balanced approach to earnings quality, with manageable levels of accruals.

Ownership Risk

The ownership structure is concentrated, with the top three shareholders holding 82.1% of shares, which may limit minority shareholder influence and raise governance concerns.

Recommendation

Investors should closely monitor revenue recognition practices and consider conducting further due diligence on the sustainability of earnings, particularly given the high DSRI and low EQ Revenue score.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

5.83

Safe Zone

Sharpe

-1.92

Negative

Composite

Fair

Price Risk

Momentum

-33.7%

Volatility

19.8%

Max Drawdown

-41.3%

Key Ratios

Fiscal year 2025

8.55P/E

P/B1.51

P/S1.20

ROE18.3%

ROA12.9%

EPS6199.21

BVPS35184.25

Gross Margin28.8%

Net Margin14.1%

D/E0.26

Current Ratio4.73

Rev Growth-2.5%

Profit Growth-23.2%

EV/EBITDA5.01

Div Yield0.0%

Company Overview

Issued Shares

33.6M

Charter Capital

335.8B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Cảng Hàng không Việt Nam

Inst

48.0%

16.1 trieu

america limited liability company

Inst

25.0%

8.4 trieu

Công ty Cổ phần Hàng không Vietjet

Inst

9.1%

3.1 trieu

andbanc investments sif-vietnam value and income portfolio

Inst

4.8%

1.1 trieu

Công ty Cổ phần Bất động sản Trường Sơn

Inst

4.7%

1.6 trieu

Công ty TNHH Quản lý quỹ SSI

Inst

2.5%

589.833

nguyen-dinh-hung

Indiv

0.7%

243.952

Nguyễn Nhật Long

Indiv

0.2%

72.597

Nguyễn Văn Mỹ

Indiv

0.2%

62.216

Board & Management

NGUYỄN ĐÌNH HÙNG0.7%

Tổng Giám đốc

Nguyễn Văn Mỹ0.2%

Phó Tổng Giám đốc

Nguyễn Nam Tiến

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Anh

Thành viên Hội đồng Quản trị

Trần Quang Tâm Thảo

Trưởng Ban kiểm soát

Lưu Đức Khánh

Thành viên Hội đồng Quản trị

Hứa Kiến Trung

Phụ trách Công bố thông tin/Phó Tổng Giám đốc

Lê Thị Hoàng Oanh

Phó Tổng Giám đốc

Phùng Danh Nguyên

Kế toán trưởng

Hoàng Mạnh Hà

Thành viên Ban kiểm soát

Nguyễn Thị Thanh Thủy

Thành viên Ban kiểm soát

Đặng Tuấn Tú

Chủ tịch Hội đồng Quản trị

Top connections

SCS48.0%WCS25.0%DNM25.0%IDV25.0%SZL25.0%BAX25.0%TIP25.0%MTH25.0%ILB25.0%NCT25.0%PPS25.0%TOW25.0%

Computed 12/04/2026