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Utilities sector

TOW

Utilities
Công ty Cổ phần Cấp nước Trà Nóc - Ô Môn
Điện, nước & xăng dầu khí đốt/Nước & Khí đốtCT
35.500
VND · Last close
Valuation Verdict
Overvalued
Low
-120%Fair Value+120%
Intrinsic Value
32.727
Current
35.500
Gap
-7.8%
ModelDDM 3STAGE

Valuation Breakdown

CTĐiện, nước & xăng dầu khí đốtUtility
Classified as utility because ICB sector "Điện, nước & xăng dầu khí đốt" maps to the utility group
Model3-Stage DDM
Value = Sum of [DPS x (1+g)^t / (1+Ke)^t] + Terminal Dividend / (Ke - g_terminal)

The Dividend Discount Model values a stock based on its future dividend payments, discounted to present value. The 3-stage variant captures three phases of a company's life: high growth (years 1-3), a transition period where growth declines linearly (years 4-6), and a terminal stage of stable, perpetual growth (year 7+). As John D. Rockefeller said: "The only thing that gives me pleasure is to see my dividends coming in."

1
Cost of Equity (Ke)
Risk-Free (Rf)
4.50%
+
Betasector default
0.600
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
8.70%
2
Growth Estimate
fundamental equity blend2.57%
3
Model Inputs
DPS source:Actual dividends
DPS1.700
Payout ratio56.9%
4
Valuation
Dividends Per Share
1.700
Base Growth
2.57%
Cost of Equity
8.70%
Terminal Growth
3.50%
DDM Value
32.727
Value Decomposition
26%
74%
Explicit period (26%)Terminal value (74%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — TOW

Earnings Quality

Fiscal year 2024

64
Fair
Accrual Quality
92
Cash Conversion
92
Receivables
100
Margin Stability
28
Revenue Quality
9

Financial Forensics

Beneish M-Score · 2018

-1.55
Elevated
DSRI
0.440
GMI
0.978
AQI
1.015
SGI
2.573
DEPI
0.000
SGAI
1.041
TATA
0.036
LVGI
1.005

TOW exhibits a moderate risk profile with a Beneish M-Score of -1.552, indicating a low likelihood of earnings manipulation. However, the high Sales Growth Index (SGI) of 2.5730 raises concerns about sustainability, while the Earnings Quality Score of 79.8 suggests generally strong earnings quality despite some weaknesses in cash conversion.

Red Flags
  • SGI of 2.5730 indicates aggressive growth that may not be sustainable.
  • Low eq_cash_conv score of 53.9/100 suggests potential issues with cash flow relative to earnings.
Positive Signals
  • Beneish M-Score of -1.552 indicates a low risk of earnings manipulation.
  • High receivables quality score of 100.0/100 reflects strong management of receivables.
Ownership Risk

The majority ownership by Công ty Cổ phần Cấp thoát nước Cần Thơ (65.4%) may lead to potential governance risks, as decisions may favor institutional interests over minority shareholders.

Recommendation

Monitor the company's growth trajectory closely, particularly the sustainability of its sales growth, and consider diversifying exposure due to potential governance risks stemming from concentrated ownership.

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

Quantitative Scores

F-Score
8/9
Strong
Z-Score
6.75
Safe Zone
Sharpe
0.73
Positive
Composite
67
Fair
Price Risk
Momentum
+85.3%
Volatility
53.5%
Max Drawdown
-18.1%

Key Ratios

Fiscal year 2024
7.70P/E
P/B1.50
P/S2.71
ROE21.5%
ROA19.0%
EPS4699.35
BVPS23399.21
Gross Margin58.7%
Net Margin36.3%
D/E0.11
Current Ratio2.15
Rev Growth40.7%
Profit Growth102.6%
EV/EBITDA4.65
Div Yield8.7%

Company Overview

Issued Shares
8.0M
Charter Capital
79.8B VND
Sector (ICB L2)
Điện, nước & xăng dầu khí đốt
Industry (ICB L3)
Nước & Khí đốt
Sub-industry
Nước
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Công ty Cổ phần Cấp thoát nước Cần Thơ
Inst
65.4%
5.2 trieu
america limited liability company
Inst
8.5%
676.000
Hồ Thị Quý Mão
Indiv
5.1%
406.258
Lâm Nguyệt Thanh
Indiv
2.4%
187.200
Nguyễn Thị Kiên Giang
Indiv
1.9%
149.585
Nguyễn Thị Nguyệt Quế
Indiv
0.7%
55.466
Hoàng Văn Khiêm
Indiv
0.7%
54.280
Huỳnh Minh Trung
Indiv
0.5%
39.561
Lê Thị Thanh Phượng
Indiv
0.5%
37.307
Trịnh Công Đoàn
Indiv
0.3%
21.537
Thái Minh Lực
Indiv
0.1%
11.766
Võ Anh Tuấn
Indiv
0.1%
8.181
Board & Management
Lâm Nguyệt Thanh2.4%
Thành viên Hội đồng Quản trị
Hoàng Văn Khiêm0.7%
Thành viên Ban kiểm soát
Huỳnh Minh Trung0.5%
Thành viên Hội đồng Quản trị/Giám đốc
Lê Thị Thanh Phượng0.5%
Kế toán trưởng
Trịnh Công Đoàn0.3%
Thành viên Hội đồng Quản trị/Phó Giám đốc
Thái Minh Lực0.1%
Phó Giám đốc
Võ Anh Tuấn0.1%
Thành viên Hội đồng Quản trị
Trương Thanh Hùng
Thành viên Ban kiểm soát
Trần Minh Nhựt
Người phụ trách quản trị công ty/Phụ trách Công bố thông tin
Ngô Hồng Hạnh
Trưởng Ban kiểm soát
Nguyễn Hữu Lộc
Chủ tịch Hội đồng Quản trị
Computed 12/04/2026
Methodology & Disclosure

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