SGT

Technology

Công ty Cổ phần Công nghệ Viễn thông Sài Gòn

Công nghệ Thông tin/Phần mềm & Dịch vụ Máy tínhCT

15.350

VND · Last close

Valuation Verdict

Overvalued

Medium

-120%Fair Value+120%

Intrinsic Value

11.524

Current

15.350

Gap

-24.9%

ModelDCF PE BLEND

Valuation Breakdown

CT→Công nghệ Thông tin→Technology

Classified as technology because ICB sector "Công nghệ Thông tin" maps to the technology group

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)

27.48%

Kd(1-t)

4.76%

D/(D+E)

72.52%

WACC

10.00%

Growth Estimate

fundamental firm blend8.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→16x

Valuation

60%DCF Value

-4.780

40%P/E Value

35.979

Blended Intrinsic

11.524

Value Decomposition

39%

61%

Explicit period (39%)Terminal value (61%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SGT

Earnings Quality

Fiscal year 2025

Weak

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

-2.87

Low Risk

DSRI

0.561

GMI

0.584

AQI

1.038

SGI

1.006

DEPI

1.231

SGAI

1.094

TATA

0.038

LVGI

0.916

SGT exhibits several concerning indicators related to earnings quality and potential manipulation, as evidenced by its Beneish M-Score of -2.8673, which is significantly below the manipulation threshold. While the company shows some strengths in its receivables and accrual metrics, the overall earnings quality score of 43.4/100 suggests substantial risks.

Red Flags

Beneish M-Score of -2.8673 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings Quality Score of 43.4/100, with particularly low scores in revenue (0.0/100) and margin (0.0/100), raises concerns about the sustainability of earnings.
Low cash conversion rate of 8.9/100 suggests that earnings may not be translating into actual cash flow.

Positive Signals

Receivables quality score of 100.0/100 indicates strong management of receivables, suggesting effective credit policies.
DSRI of 0.5610 indicates that the company is managing its inventory efficiently relative to sales.

Ownership Risk

The ownership structure shows significant state involvement with 21.5% held by a state-owned enterprise, which may influence operational decisions and financial reporting. Institutional ownership at 16.9% could provide some level of oversight.

Recommendation

Investors should approach SGT with caution, focusing on improving earnings quality and monitoring cash flow conversion. A thorough review of financial statements and ongoing developments is recommended before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.20

Distress Zone

Sharpe

-1.05

Negative

Composite

Poor

Price Risk

Momentum

-24.9%

Volatility

23.8%

Max Drawdown

-29.0%

Key Ratios

Fiscal year 2025

6.83P/E

P/B1.05

P/S1.22

ROE16.7%

ROA4.2%

EPS2248.70

BVPS14550.18

Gross Margin47.2%

Net Margin17.9%

D/E2.16

Current Ratio1.67

Rev Growth0.6%

Profit Growth155.9%

EV/EBITDA8.16

Div Yield0.0%

Company Overview

Issued Shares

148.0M

Charter Capital

1480.0B VND

Sector (ICB L2)

Công nghệ Thông tin

Industry (ICB L3)

Phần mềm & Dịch vụ Máy tính

Sub-industry

Internet

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Phát triển Đô thị Kinh Bắc - CTCP

State

21.5%

31.8 trieu

Công ty TNHH Đầu Tư Phát Triển Dtt

Inst

16.9%

25.0 trieu

Đặng Thanh Tâm

Indiv

6.8%

10.1 trieu

Đặng Thị Hoàng Phượng

Indiv

5.0%

7.5 trieu

Nguyễn Thị Kim Xuân

Indiv

5.0%

7.5 trieu

Phạm Thị Lê

Indiv

5.0%

3.7 trieu

Công ty Cổ Phần Tư Vấn Thiết Kế & Xây Dựng Thành Phố Mới

Inst

4.9%

7.3 trieu

nguyen-thanh-hai

Indiv

4.9%

3.6 trieu

Công ty Cổ Phần Đầu Tư Sài Gòn

Inst

3.6%

5.3 trieu

Công ty Cổ phần Mỹ phẩm Sài Gòn

Inst

2.8%

2.0 trieu

Quỹ Đầu Tư Hạ Tầng PVI

Inst

2.6%

3.8 trieu

nguyen-son

Indiv

1.6%

2.4 trieu

Nguyễn Thị Kim Thanh

Indiv

1.5%

2.2 trieu

Lê Thị Kim Nhung

Indiv

1.1%

1.7 trieu

Nguyễn Vĩnh Thọ

Indiv

0.2%

164.450

Công ty Cổ phần Quản lý Quỹ PVI

Inst

0.2%

250.000

Board & Management

Đặng Thanh Tâm6.8%

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Kim Thanh1.5%

Thành viên Hội đồng Quản trị

Lê Thị Kim Nhung1.1%

Thành viên Ban kiểm soát

Lê Nguyễn Hoàng Anh

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc/Kế toán trưởng

Hồ Thị Kim Oanh

Thành viên Hội đồng Quản trị độc lập

Vũ Ngọc Ánh

Phó Tổng Giám đốc

Sú Ngọc Bích

Thành viên Ban kiểm soát

Nguyễn Đức Thuận

Trưởng Ban kiểm soát

Nguyễn Cẩm Phương

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

Nguyễn Thanh Thái

Thành viên Hội đồng Quản trị độc lập

Top connections

DLD50.8%DSP49.0%VXT48.9%SGH38.9%BMJ24.2%VCT24.0%ACC23.7%PMC21.6%ICF18.3%TPC13.9%S9910.4%CTX9.5%

Computed 12/04/2026