ST8

Technology

Công ty Cổ phần Tập đoàn ST8

Công nghệ Thông tin/Thiết bị và Phần cứngCT

3.280

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

41.977

Current

3.280

Gap

+500.0%

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)

80.97%

Kd(1-t)

4.56%

D/(D+E)

19.03%

WACC

11.88%

Growth Estimate

fundamental firm blend8.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→16x

Valuation

60%DCF Value

69.232

40%P/E Value

1.093

Blended Intrinsic

41.977

Value Decomposition

48%

52%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — ST8

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.09

Moderate

DSRI

1.520

GMI

2.637

AQI

2.660

SGI

0.668

DEPI

0.082

SGAI

1.089

TATA

-0.294

LVGI

0.468

The Beneish M-Score of -2.0861 indicates a lower likelihood of earnings manipulation, but several concerning metrics suggest potential issues with earnings quality. The earnings quality score of 28.5/100, particularly low scores in receivables and revenue, raise red flags about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 28.5/100 indicates significant issues with earnings quality, particularly in receivables (0.0/100) and revenue (0.0/100).
DSRI of 1.5203 suggests potential issues with inventory management, which could indicate overstatement of sales.

Positive Signals

The Beneish M-Score of -2.0861 is below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
High cash conversion score of 100.0/100 suggests that the company is effectively converting its earnings into cash.

Ownership Risk

The ownership structure is fragmented with no single shareholder holding a significant stake, which may lead to governance challenges and lack of accountability in decision-making.

Recommendation

Investors should closely monitor earnings quality metrics and consider a deeper analysis of cash flow statements. It may be prudent to approach this stock with caution, given the elevated risk signals.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.72

Grey Zone

Sharpe

-2.91

Negative

Composite

Weak

Price Risk

Momentum

-48.1%

Volatility

28.3%

Max Drawdown

-58.5%

Key Ratios

Fiscal year 2025

38.54P/E

P/B0.29

P/S0.27

ROE0.8%

ROA0.5%

EPS85.10

BVPS11148.37

Gross Margin1.8%

Net Margin0.7%

D/E0.24

Current Ratio4.01

Rev Growth-33.2%

Profit Growth-90.1%

EV/EBITDA-157.50

Div Yield0.0%

Company Overview

Issued Shares

25.7M

Charter Capital

257.2B VND

Sector (ICB L2)

Công nghệ Thông tin

Industry (ICB L3)

Thiết bị và Phần cứng

Sub-industry

Thiết bị văn phòng

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for ST8 — hover nodes for intel, click to navigate

Shareholders

Phạm Thị Tám

Indiv

4.9%

1.3 trieu

Trịnh Thị Thanh Truyền

Indiv

4.9%

1.3 trieu

Phạm Tường Vi

Indiv

4.9%

1.3 trieu

Chu Văn Kiên

Indiv

4.6%

1.2 trieu

Lìu Đăng Khoa

Indiv

4.5%

1.2 trieu

Võ Văn Chính

Indiv

4.2%

691.000

Nguyễn Đình Nhu

Indiv

1.8%

354.510

Lê Văn Hà

Indiv

0.8%

211.003

Hoàng Thị Thanh Hoa

Indiv

0.8%

200.000

Lê Ái Tú

Indiv

0.6%

103.304

nguyen-van-dai

Indiv

0.5%

137.300

ĐINH THỊ HỒNG VÂN

Indiv

0.3%

79.064

Đinh Hữu Thông

Indiv

0.2%

36.000

Tiêu Quốc Lợi

Indiv

0.2%

33.360

Phạm Khắc Tiến

Indiv

0.2%

25.635

Board & Management

ĐINH THỊ HỒNG VÂN0.3%

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

Phạm Thị Thu Thủy

Thành viên Hội đồng Quản trị độc lập

Nguyễn Hồ Thanh Huy

Thành viên Ban kiểm soát

Cái Kim Thoa

Thành viên Ban kiểm soát

Nguyễn Lê Quang

Thành viên Ban kiểm soát

Phạm Vĩnh Phú

Tổng Giám đốc

David Cam Hao Ong

Phó Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Đỗ Quốc Lâm

Giám đốc điều hành

YUNG CAM MENG

Chủ tịch Hội đồng Quản trị

Top connections

HEC5.8%VCS4.5%LHC3.5%

Computed 12/04/2026