TVM

Công ty Cổ phần Tư vấn đầu tư Mỏ và công nghiệp - Vinacomin

VietnamConsumerHàng & Dịch vụ Công nghiệpTư vấn & Hỗ trợ Kinh doanhUPCOMCT

6.600

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+36.3%Calibrated value vs last close

Last close (VND): 6.600
Calibrated intrinsic value (VND): 8.998

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

1
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
3
Apply to the close
That return is applied to the last close.

Keep in mind

For illustration only: not a validated forecast.
No uncertainty range: the estimate is a single figure.
Older record: it has not been re-measured on the current data.

Why it needs review

The closing price is too old for comparison.
Trading liquidity is below the comparison threshold.

Also note

The model’s gap was capped before calibration.
A release of working capital contributes to cash flow.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 3 Nov 2026Valid through 5 Aug 2026

Model reliability: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Close date unavailableRecalculated when the displayed close changes.

Valuation Breakdown

CT→Tư vấn & Hỗ trợ Kinh doanh→Consumer

Classified as consumer because ICB sector “Tư vấn & Hỗ trợ Kinh doanh” maps to the consumer group.

ModelFCF-Based DCF

Intrinsic = 70% x DCF Value + 30% x (Fair P/E x EPS)

A Discounted Cash Flow model built on Free Cash Flow (FCF), the cash a business generates after operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted to today's value using WACC. The DCF value is blended 70/30 with a value from the company's own historical P/E.

Technical details

Why this model

Consumer staples/retail generate steady, predictable free cash flows, making them ideal for DCF. The time value of money principle means a dollar today is worth more than a dollar tomorrow. DCF captures this by discounting future cash flows at a rate reflecting the investment's risk (WACC).

How it works

Takes 3-year median FCF as the base. Estimates growth via ROIC x reinvestment rate (Damodaran framework), falling back to historical revenue growth. Projects 10 years with decay toward the sector's long-run growth rate. Discounts at CAPM-derived WACC. Blends 70% of the DCF value with 30% of a P/E value: the company's 5-year median P/E, held between 5x and 25x, times EPS.

Best for

Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

1.000

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.49%

E/(D+E)

67.46%

Kd(1-t)

3.83%

D/(D+E)

32.54%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→9.40B

Projection years→10

Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→6.600

Calibrated value vs last close→+36.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

8.998

What feeds each step— click a source to highlight it in the statements

Discount rate (WACC)10.00%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow9.4 tỷone off strip ratio: 0

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth	1.0%	2.5%	4.0%	5.5%	7.0%
8.0%	8.998	8.998	8.998	8.998	8.998
9.0%	8.998	8.998	8.998	8.998	8.998
10.0%	8.998	8.998	8.998	8.998	8.998
11.0%	8.998	8.998	8.998	8.998	8.998
12.0%	8.998	8.998	8.998	8.998	8.998

Above market priceBelow market priceCurrent estimate

TVM among Consumer

Every stock in the sector, TVM marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is TVM. Drag to turn; open another stock from its bead.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	152	155	190	183	168	226	216	214	231	272	185	150	110
Cash and cash equivalents (Bn. VND)Net debt bridge	·	28	17	25	15	14	16	9	7	26	30	34	57	18
Accounts receivable (Bn. VND)	·	102	111	131	134	112	166	163	157	149	175	93	60	69
Prepayments to suppliers (Bn. VND)	·	0.4	0.6	1	1	2	1	3	1	8	43	28	0.6	0.4
Net Inventories	·	22	27	34	33	41	43	44	49	56	67	56	31	22
Inventories, Net (Bn. VND)	·	22	27	34	33	41	43	44	49	56	67	56	31	22
Other current assets	·	0.8	0.1	0.4	0.4	0.4	0.4	0.3	1	0.2	0.2	0.6	2	1
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	1	1
LONG-TERM ASSETS (Bn. VND)	·	16	15	16	18	20	21	23	24	26	32	37	28	13
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0.2	0.4	0.2	0	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0.2	0.2	0.2	0	0
Fixed assets (Bn. VND)	·	15	13	15	17	19	20	22	22	25	30	32	24	10
Tangible fixed assets	·	15	13	15	17	18	20	22	22	24	29	30	8	9
Intagible fixed assets	·	0.6	0	0	0.1	0.3	0.5	0.3	0.1	0.6	1	2	0.5	0.02
Long-term investments (Bn. VND)	·	0	0	0	0	0	0	0	0	0.7	0.7	2	2	2
Investments in associate companies	·	0	2	2	2	2	2	2	2	2	2	2	2	2
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	−2	0	0	0
Less: Provision for diminuation in value of long term investments	·	0	−2	−2	−2	−2	−2	−2	−2	−2	0	0	0	0
Other non-current assets	·	0.6	1	0.9	0.8	0.9	0.9	0.8	1	0.4	0.7	3	2	0.9
Long-term prepayments (Bn. VND)	·	0.6	0.7	0.5	0.4	0.5	0.5	0.3	0.8	0.4	0.7	2	2	0.6
TOTAL ASSETS (Bn. VND)	·	168	171	206	200	188	247	239	237	257	304	222	178	123
LIABILITIES (Bn. VND)	·	136	132	156	150	135	201	190	192	210	258	193	148	95
Current liabilities (Bn. VND)	·	136	132	156	148	131	196	182	182	197	242	145	135	94
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	20	19	19	17	19	25	17	28	31	26	23	10	12
Advances from customers (Bn. VND)	·	10	5	9	10	10	22	5	3	2	81	8	8	11
Long-term liabilities (Bn. VND)	·	0	0	0	2	4	6	8	10	13	16	48	14	0.9
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	2	4	6	8	10	13	16	11	14	0.9
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	32	39	49	50	53	45	49	46	47	46	29	28	26
Capital and reserves (Bn. VND)	·	29	29	29	29	29	29	30	29	31	34	28	26	25
Paid-in capital (Bn. VND)	·	24	24	24	24	24	24	24	24	24	24	24	16	16
Other Reserves	·	0	0	0	0	0.6	0.6	0.6	0.6	0	0	0	0	0
Investment and development funds (Bn. VND)	·	3	3	3	3	3	3	3	3	3	2	2	6	5
Other Reserves	·	·	0	0	0	0	0	0	0	0.5	0.5	0.5	0.6	0.6
Undistributed earnings (Bn. VND)	·	2	2	2	2	2	1	1	0.3	2	6	0.4	0.3	0.3
Budget sources and other funds	·	3	10	21	22	23	17	19	16	16	12	1	2	1
Budget sources and other funds	·	·	10	21	22	23	16	17	16	16	12	1	2	1
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	1	1
TOTAL RESOURCES (Bn. VND)	·	168	171	206	200	188	247	239	237	257	304	222	178	123
Common shares (Bn. VND)	·	24	24	24	24	24	24	24	24	24	24	24	16	16
MINORITY INTERESTSNet debt bridge	·	0	0	0	0	0	0	2	2	2	2	2	0	0

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

Remainder

M −3.19 · 10th pctile vs VN companies

YoY ▼ −1.38

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

0.856

GMI

0.916

AQI

0.335

SGI

1.073

DEPI

1.020

SGAI

1.152

TATA

−0.062

LVGI

1.048

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 3.2286th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.2%15th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.39

Distress Zone

Sharpe

−0.97

Negative

Composite

50 to 69

Piotroski F-Score Breakdown

✓Net Income > 0

✓Operating CF > 0

✓ROA Rising

✓OCF > Net Income

✗Lower Leverage

✗Better Liquidity

✓No Dilution

✓Margin Up

✓Turnover Up

DuPont Decomposition

Tax Burden0.36×Interest Burden0.84×Op. Margin0.03×Turnover1.03×Leverage5.23=ROE5.6%

Price Risk

Momentum

−37.1%

Volatility

86.6%

Max Drawdown

−45.0%

Key Ratios

Fiscal year 2025

8.77P/E

P/B: 0.49
P/S: 0.09
ROE: 5.1%
ROA: 1.1%
EPS: 753
BVPS: 13.395
Gross Margin: 21.5%
Net Margin: 1.0%
D/E: 0.61
Current Ratio: 1.12
EV/EBITDA: 1.08
Div Yield: 7.6%

Company Overview

Shares outstanding: 2.4M
Charter Capital: 24.0B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Tư vấn & Hỗ trợ Kinh doanh
Sub-industry: Tư vấn & Hỗ trợ KD
Company Type: CT

Ownership network

Common ownership links for TVM. Hover for detail, select a link to open it.

Shareholders

Tập đoàn Công nghiệp Than - Khoáng sản Việt Nam

Inst

51.0%

1.2M

2026-06-30

Nguyễn Thị Chiến

Indiv

0.5%

13,530

2025-12-31

Lê Văn Duẩn

Indiv

0.4%

9,060

2026-06-30

Board & Management

Lê Văn Duẩn0.4%

Member of Management Board/Director

Lê Việt Phương

Deputy Director

Nguyễn Việt Hùng

Member of Management Board/Deputy Director

Nguyễn Thị Khuyên

Member of Supervisors Board

Top connections

DTK99.3%MVB98.2%KSV98.1%VTM95.2%VBG92.0%MGC86.6%HLC74.2%TMB67.4%TVD66.8%CST65.1%MDC65.0%NBC65.0%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

TVM among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

TVM among Consumer