SLS

Consumer

Công ty Cổ phần Mía đường Sơn La

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

160.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

340.325

Current

160.800

Gap

+111.6%

ModelFCF DCF

Valuation Breakdown

CT→Thực phẩm và đồ uống→Consumer

Classified as consumer because ICB sector "Thực phẩm và đồ uống" 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)

90.77%

Kd(1-t)

7.92%

D/(D+E)

9.23%

WACC

10.00%

Growth Estimate

fundamental firm blend10.37%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→148.57B

Projection years→10

Valuation

Base FCF

148.57B

Growth Rate

10.37%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

340.325

Value Decomposition

41%

59%

Explicit period (41%)Terminal value (59%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SLS

Earnings Quality

Fiscal year 2025

Weak

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 · 2024

-0.89

High Risk

DSRI

2.018

GMI

0.826

AQI

0.438

SGI

0.799

DEPI

0.965

SGAI

0.756

TATA

0.210

LVGI

0.607

The Beneish M-Score of -0.8944 suggests that SLS is not currently exhibiting signs of earnings manipulation, as it is above the threshold of -1.78. However, the low earnings quality score of 23.2/100, particularly concerning receivables and cash conversion, raises significant concerns about the reliability of reported earnings.

Red Flags

Earnings Quality Score of 23.2/100 indicates poor earnings reliability, particularly with eq_receivables and eq_revenue both at 0.0/100.
DSRI of 2.0180 suggests significant growth in receivables relative to revenue, indicating potential revenue recognition issues.

Positive Signals

Beneish M-Score of -0.8944 is above the manipulation threshold, indicating no immediate signs of earnings manipulation.
SGI of 0.7985 indicates that sales growth is slowing, which may reflect a more sustainable business model.

Ownership Risk

The top shareholders include a significant individual investor, Trần Thị Thái, holding 27.4%, which may lead to concentrated decision-making risks. However, the presence of institutional ownership (15.0%) from Công ty TNHH Thái Liên could provide some level of oversight.

Recommendation

Investors should closely monitor SLS's earnings quality metrics and consider conducting further due diligence on cash flow management. It may be prudent to adopt a cautious approach until improvements in earnings reliability are observed.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

22.93

Safe Zone

Sharpe

-1.01

Negative

Composite

Weak

Price Risk

Momentum

-16.3%

Volatility

11.2%

Max Drawdown

-18.0%

Key Ratios

Fiscal year 2025

4.38P/E

P/B0.90

P/S1.30

ROE21.9%

ROA20.6%

EPS36743.54

BVPS178285.61

Gross Margin29.2%

Net Margin29.8%

D/E0.03

Current Ratio25.78

Rev Growth-6.5%

Profit Growth-31.6%

EV/EBITDA3.89

Div Yield0.0%

Company Overview

Issued Shares

9.8M

Charter Capital

97.9B VND

Sector (ICB L2)

Thực phẩm và đồ uống

Industry (ICB L3)

Sản xuất thực phẩm

Sub-industry

Thực phẩm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Trần Thị Thái

Indiv

27.4%

2.7 trieu

Công ty TNHH Thái Liên

Inst

15.0%

1.5 trieu

Đặng Việt Anh

Indiv

9.8%

963.878

Tạ Ngọc Hương

Indiv

2.9%

283.292

Trần Thị Liên

Indiv

1.5%

143.942

Trần Ngọc Hiếu

Indiv

1.3%

131.731

Trần Văn Thành

Indiv

0.2%

14.642

Lê Quang Nhự

Indiv

0.2%

11.000

Board & Management

Đặng Việt Anh9.8%

Chủ tịch Hội đồng Quản trị

Trần Ngọc Hiếu1.3%

Phó Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Trần Văn Thành0.2%

Tổng Giám đốc

Nguyễn Thị Khương

Kế toán trưởng

Thái Văn Hùng

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Văn Tài

Thành viên Ban kiểm soát

Trần Thị Liên

Người phụ trách quản trị công ty

Nguyễn Thị Thủy

Trưởng Ban kiểm soát

Trần Thị Bích Nhi

Thành viên Hội đồng Quản trị

Nguyễn Khắc Chiến

Trưởng Ban kiểm soát

Nguyễn Văn Minh

Thành viên Ban kiểm soát

Nguyễn Trường Chinh

Thành viên Hội đồng Quản trị

Top connections

MTG28.7%CIG24.3%SDA2 links GND6.0%KTS2 links ECO4.9%SBB1.5%PGC1.1%

Computed 12/04/2026