SRB

Technology

Công ty Cổ phần Tập đoàn Sara

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

1.800

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

619

Current

1.800

Gap

-65.6%

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)

76.30%

Kd(1-t)

6.40%

D/(D+E)

23.70%

WACC

11.89%

Growth Estimate

fundamental firm blend8.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→16x

Valuation

60%DCF Value

40%P/E Value

1.432

Blended Intrinsic

619

Value Decomposition

48%

52%

Explicit period (48%)Terminal value (52%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SRB

Earnings Quality

Fiscal year 2024

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 · 2017

-7.11

Low Risk

DSRI

0.359

GMI

1.014

AQI

1.250

SGI

0.933

DEPI

0.000

SGAI

1.848

TATA

-0.228

LVGI

9.438

The Beneish M-Score of -7.1081 indicates a strong likelihood of earnings manipulation, significantly below the threshold of -1.78. Coupled with a low earnings quality score of 17.0/100, the financial health of SRB appears concerning, particularly in the context of Vietnam's accounting practices and ownership structure.

Red Flags

Beneish M-Score of -7.1081, indicating a high likelihood of earnings manipulation.
Earnings Quality Score of 17.0/100, reflecting poor accrual quality and cash conversion.
SGAI of 1.8475 suggests excessive spending on selling, general, and administrative expenses.

Positive Signals

DSRI of 0.3594 indicates a lower risk of inventory overstatement.
SGI of 0.9329 shows that sales growth is not excessively high, which could mitigate some risks.

Ownership Risk

The ownership structure is concentrated among a few individuals, with the largest shareholder holding 14.8%. This concentration may lead to governance risks, as decisions may favor individual interests over minority shareholders.

Recommendation

Investors should exercise caution and consider further investigation into SRB's financial practices. It may be prudent to wait for improved earnings quality metrics and a more transparent governance structure before making investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

-0.38

Distress Zone

Sharpe

-0.29

Negative

Composite

Poor

Price Risk

Momentum

-9.5%

Volatility

70.0%

Max Drawdown

-29.2%

Key Ratios

Fiscal year 2024

21.23P/E

P/B0.42

P/S1.95

ROE2.0%

ROA1.5%

EPS89.51

BVPS4509.75

Gross Margin69.9%

Net Margin9.2%

D/E0.38

Current Ratio0.78

Rev Growth329.2%

Profit Growth1323.9%

EV/EBITDA11.55

Div Yield0.0%

Company Overview

Issued Shares

8.5M

Charter Capital

85.0B VND

Sector (ICB L2)

Công nghệ Thông tin

Industry (ICB L3)

Phần mềm & Dịch vụ Máy tính

Sub-industry

Phần mềm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Trần Khắc Hùng

Indiv

14.8%

1.3 trieu

Trần Thị Yến

Indiv

5.3%

446.500

Nguyễn Quang Cầm

Indiv

4.9%

420.000

Đồng Văn Sơn

Indiv

4.8%

410.000

Trần Hữu Trọng

Indiv

0.2%

16.100

Board & Management

Trần Khắc Hùng14.8%

Phó Tổng Giám đốc

Nguyễn Bỉnh Mạnh

Thành viên Ban kiểm soát

Nguyễn Mỹ Hạnh

Thành viên Ban kiểm soát

Nguyễn Thị Thảo

Phụ trách Công bố thông tin

Nguyễn Thị Thùy Dương

Thành viên Ban kiểm soát

Phan Thị Kim Oanh

Thành viên Ban kiểm soát

Võ Quang Phong

Thành viên Hội đồng Quản trị

Vương Bá Lân

Thành viên Hội đồng Quản trị

Lê Văn Đức

Tổng Giám đốc

Nguyễn Thị Huệ

Thành viên Ban kiểm soát

Lê Phương Nam

Thành viên Hội đồng Quản trị

Phạm Ngọc Đóa

Thành viên Hội đồng Quản trị

Lê Văn Hạnh

Phó Tổng Giám đốc

Đào Thị Trà

Kế toán trưởng

Đinh Thị Thùy Minh

Trưởng Ban kiểm soát

Nguyễn Thế Sơn

Thành viên Hội đồng Quản trị

Top connections

KSQ16.7%MCF5.3%HUG5.3%MKP5.3%NDW5.3%BKC5.3%

Computed 12/04/2026