TTE

Utilities

Công ty Cổ phần Đầu tư Năng lượng Trường Thịnh

Điện, nước & xăng dầu khí đốt/Sản xuất & Phân phối ĐiệnCT

33.900

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

11.314

Current

33.900

Gap

-66.6%

ModelDDM 3STAGE

Valuation Breakdown

CT→Điện, nước & xăng dầu khí đốt→Utility

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."

Cost of Equity (Ke)

Risk-Free (Rf)

4.50%

Betasector default

0.600

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

8.70%

Growth Estimate

Sector Default2.00%

Model Inputs

DPS source:Actual dividends

DPS→600

Payout ratio→78.3%

Valuation

Dividends Per Share

600

Base Growth

2.00%

Cost of Equity

8.70%

Terminal Growth

3.50%

DDM Value

11.314

Value Decomposition

26%

74%

Explicit period (26%)Terminal value (74%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — TTE

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.37

Moderate

DSRI

1.623

GMI

0.942

AQI

0.554

SGI

1.171

DEPI

0.948

SGAI

1.016

TATA

-0.102

LVGI

0.770

The Beneish M-Score of -2.374 indicates that TTE is not likely to be manipulating earnings, as it is below the threshold of -1.78. However, the earnings quality score of 51.9/100, particularly low scores in revenue and margin metrics, raises concerns about the sustainability of reported earnings.

Red Flags

DSRI of 1.6233 suggests potential issues with inventory management, indicating a risk of overstatement of revenue.
Earnings quality metrics show 0.0/100 for both eq_margin and eq_revenue, signaling significant concerns about profitability and revenue recognition.

Positive Signals

High cash conversion score of 100.0/100 indicates strong cash flow generation relative to earnings.
The low GMI of 0.9416 suggests that the company may not be experiencing significant deterioration in gross margins.

Ownership Risk

The ownership structure is relatively fragmented with no single shareholder holding a controlling stake, which may lead to governance challenges and potential conflicts of interest among shareholders.

Recommendation

Investors should closely monitor TTE's inventory management and revenue recognition practices while considering a cautious approach to investment due to the elevated risk level. A deeper analysis of cash flow sustainability is recommended before making significant investment decisions.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.06

Grey Zone

Sharpe

1.58

Excellent

Composite

Fair

Price Risk

Momentum

+163.6%

Volatility

74.2%

Max Drawdown

-32.5%

Key Ratios

Fiscal year 2025

11.19P/E

P/B2.59

P/S6.76

ROE26.1%

ROA10.1%

EPS3029.01

BVPS13101.27

Gross Margin59.0%

Net Margin60.4%

D/E1.10

Current Ratio0.23

Rev Growth17.1%

Profit Growth555.7%

EV/EBITDA10.74

Div Yield0.0%

Company Overview

Issued Shares

28.5M

Charter Capital

284.9B VND

Sector (ICB L2)

Điện, nước & xăng dầu khí đốt

Industry (ICB L3)

Sản xuất & Phân phối Điện

Sub-industry

Sản xuất & Phân phối Điện

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Lê Thị Hạnh

Indiv

8.0%

2.3 trieu

Công ty Cổ phần Đầu tư Và Thương mại Xuất nhập khẩu HFC Việt Nam

Inst

4.7%

1.4 trieu

Đinh Xuân Hoàng

Indiv

4.6%

1.3 trieu

Lê Tuấn Điệp

Indiv

4.6%

1.3 trieu

Trần Thanh Hải

Indiv

4.4%

1.3 trieu

Trần Văn Hải

Indiv

4.4%

1.3 trieu

Phương Thừa Vũ

Indiv

4.4%

1.3 trieu

nguyen-dinh-hung

Indiv

4.2%

1.2 trieu

Trần Quang Chung

Indiv

3.6%

1.0 trieu

Phương Minh Huệ

Indiv

2.8%

798.000

Nguyễn Ngọc Tưởng

Indiv

2.5%

700.000

Lê Nhất Minh Xuân

Indiv

1.9%

550.000

Nguyễn Bá Cảnh

Indiv

1.8%

500.000

Công ty Cổ Phần Năng Lượng Đại Dương

Inst

0.9%

250.000

Board & Management

Lê Thị Hạnh8.0%

Thành viên Ban kiểm soát

Đinh Xuân Hoàng4.6%

Chủ tịch Hội đồng Quản trị

Trần Văn Hải4.4%

Thành viên Hội đồng Quản trị

Hoàng Hữu Điền

Kế toán trưởng

Hoàng Minh Sang

Trưởng Ban kiểm soát

Lê Quốc Anh

Thành viên Ban kiểm soát

Nguyễn Thị Như Hoa

Phụ trách Công bố thông tin

Lê Thị Thu Hường

Thành viên Hội đồng Quản trị độc lập

Nguyễn Văn Quân

Tổng Giám đốc/Người phụ trách quản trị công ty/Thành viên Hội đồng Quản trị độc lập

Top connections

CMT18.0%DTE15.8%CTA13.6%KDM10.1%CMI2 links MIC2 links LCM7.2%MAC6.6%ITD6.3%VPI4.9%SAM4.8%TH14.7%

Computed 12/04/2026