STS

Construction

Công ty Cổ phần Dịch vụ vận tải Sài Gòn

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

72.500

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

71.042

Current

72.500

Gap

-2.0%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

87.52%

Kd(1-t)

6.28%

D/(D+E)

12.48%

WACC

11.46%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

60.976

50%DCF Value

81.107

Blended Intrinsic

71.042

Value Decomposition

40%

60%

Explicit period (40%)Terminal value (60%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — STS

Earnings Quality

Fiscal year 2024

Fair

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 · 2024

-2.29

Moderate

DSRI

0.993

GMI

0.884

AQI

0.921

SGI

1.210

DEPI

0.498

SGAI

0.753

TATA

0.023

LVGI

0.964

The Beneish M-Score of -2.2895 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality metrics reveal significant concerns, particularly with revenue recognition and margin quality, which could suggest underlying operational issues.

Red Flags

Earnings Quality Score of 63.7/100 indicates potential issues with revenue recognition, particularly the score of 0.0/100 in eq_revenue.
SGI of 1.2095 suggests aggressive growth that may not be supported by actual sales, raising concerns about sustainability.

Positive Signals

The DSRI of 0.9932 indicates that inventory levels are well managed relative to sales, which is a positive sign.
High eq_receivables score of 100.0/100 suggests strong management of receivables, indicating effective credit control.

Ownership Risk

The ownership structure is concentrated, with the top two shareholders holding nearly 49.1% of shares, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor revenue recognition practices and operational performance metrics. Consider a cautious approach to investment until clearer signs of sustainable growth and improved earnings quality are evident.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

5.77

Safe Zone

Sharpe

1.33

Excellent

Composite

Fair

Price Risk

Momentum

+0.0%

Volatility

78.7%

Max Drawdown

0.0%

Key Ratios

Fiscal year 2024

12.65P/E

P/B1.06

P/S4.24

ROE8.7%

ROA7.6%

EPS5732.35

BVPS68691.57

Gross Margin35.0%

Net Margin33.6%

D/E0.14

Current Ratio7.67

Rev Growth21.0%

Profit Growth-31.1%

EV/EBITDA6.85

Div Yield0.0%

Company Overview

Issued Shares

2.8M

Charter Capital

27.7B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Dịch vụ vận tải

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty TNHH Liên Hợp Xây Dựng Vạn Cường

Inst

24.6%

679.633

nguyen-thi-minh

Indiv

24.5%

678.535

Hồ Sỹ Dũng

Indiv

12.5%

345.689

Công ty CP Đầu Tư Lavida Holding

Inst

11.5%

317.491

Ngô Thị Thanh Huyền

Indiv

5.1%

140.000

Trần Quý Dương

Indiv

3.9%

107.202

Ngô Ngọc Tôn

Indiv

2.7%

73.834

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước

State

2.5%

69.962

nguyen-cong-doan

Indiv

1.7%

46.293

Lê Chí Vũ

Indiv

0.4%

10.684

Hoàng Thị Thu Hạnh

Indiv

0.3%

8.869

Board & Management

Nguyễn Hữu Linh

Thành viên Ban kiểm soát

Nguyễn Thị Thủy

Kế toán trưởng

Phạm Thị Thanh Hằng

Thành viên Hội đồng Quản trị

Nguyễn Thị Huyền Trang

Trưởng Ban kiểm soát

Nguyễn Thị Minh Hà

Chủ tịch Hội đồng Quản trị

Nguyễn Hồng Nguyên

Phụ trách Công bố thông tin/Tổng Giám đốc

Trần Đắc Long

Phó Tổng Giám đốc

Nguyễn Nguyên Hoàng

Thành viên Hội đồng Quản trị

Hoàng Hùng

Thành viên Ban kiểm soát

Top connections

SJG99.8%MIE99.6%TVN93.9%VGV87.3%VNP65.8%DVN2 links SEA63.4%QTC53.8%VGT53.5%CAG53.0%BMI50.7%VXB49.8%

Computed 12/04/2026