SHE

Consumer

Công ty Cổ phần Phát triển Năng Lượng Sơn Hà

Hàng cá nhân & Gia dụng/Hàng gia dụngCT

6.800

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

8.777

Current

6.800

Gap

+29.1%

ModelFCF DCF

Valuation Breakdown

CT→Hàng cá nhân & Gia dụng→Consumer

Classified as consumer because ICB sector "Hàng cá nhân & Gia dụng" 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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

0.800

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

10.10%

E/(D+E)

59.58%

Kd(1-t)

6.36%

D/(D+E)

40.42%

WACC

10.00%

Growth Estimate

fundamental firm blend4.47%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→12.53B

Projection years→10

Valuation

Base FCF

12.53B

Growth Rate

4.47%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

8.777

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SHE

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

-1.03

High Risk

DSRI

0.828

GMI

1.927

AQI

0.411

SGI

1.898

DEPI

1.036

SGAI

0.559

TATA

0.112

LVGI

1.146

The forensic analysis of SHE indicates elevated risk due to concerning earnings quality metrics and a high GMI, suggesting potential manipulation. However, the Beneish M-Score of -1.0293 is below the manipulation threshold, indicating some level of financial integrity.

Red Flags

GMI of 1.9269 indicates that gross margins are declining, which may signal potential revenue manipulation.
Earnings Quality Score of 36.6/100 is low, particularly with an eq_cash_conv score of 0.0/100, suggesting poor cash conversion relative to reported earnings.

Positive Signals

DSRI of 0.8279 indicates that inventory levels are well managed relative to sales, which is a positive sign for operational efficiency.
Receivables score of 100.0/100 suggests strong collection practices, indicating that the company is effectively managing its receivables.

Ownership Risk

The ownership structure is heavily concentrated, with the largest shareholder holding 50.4%. This could lead to governance issues and potential conflicts of interest, especially in decision-making processes.

Recommendation

Investors should proceed with caution, closely monitoring earnings announcements and cash flow statements for signs of manipulation. Consider diversifying holdings to mitigate risks associated with concentrated ownership.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

2.07

Grey Zone

Sharpe

-0.18

Negative

Composite

Weak

Price Risk

Momentum

-1.1%

Volatility

34.7%

Max Drawdown

-17.5%

Key Ratios

Fiscal year 2025

8.11P/E

P/B0.62

P/S0.27

ROE8.0%

ROA4.5%

EPS838.05

BVPS10890.11

Gross Margin7.7%

Net Margin3.4%

D/E0.86

Current Ratio2.04

Rev Growth90.7%

Profit Growth2.3%

EV/EBITDA11.28

Div Yield0.0%

Company Overview

Issued Shares

15.0M

Charter Capital

650.0B VND

Sector (ICB L2)

Hàng cá nhân & Gia dụng

Industry (ICB L3)

Hàng gia dụng

Sub-industry

Đồ gia dụng lâu bền

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ phần Quốc tế Sơn Hà

Inst

50.4%

7.5 trieu

Hoàng Mạnh Tân

Indiv

11.4%

1.7 trieu

Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam

Inst

9.8%

1.1 trieu

Đàm Quang Hùng

Indiv

5.0%

250.000

Trần Anh Tuấn

Indiv

1.5%

141.324

Nguyễn Bá Thị Hợp

Indiv

0.6%

53.962

Đinh Đức Tuấn

Indiv

0.1%

22.014

Board & Management

Hoàng Mạnh Tân11.4%

Phó Chủ tịch Hội đồng Quản trị/Giám đốc

Trần Anh Tuấn1.5%

Phó Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Bá Thị Hợp0.6%

Kế toán trưởng

Đinh Đức Tuấn0.1%

Phó Giám đốc

Lê Vĩnh Sơn

Chủ tịch Hội đồng Quản trị

Lê Thị Thắm

Thành viên Ban kiểm soát

Nông Thị Thanh Vân

Thành viên Hội đồng Quản trị độc lập

Nguyễn Mai Chung

Trưởng Ban kiểm soát

Nguyễn Thị Thanh Thúy

Thành viên Ban kiểm soát

Lương Diệu Cầm

Thành viên Hội đồng Quản trị

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Computed 12/04/2026