VEC

Technology

Tổng Công ty Cổ phần Điện tử và Tin học Việt Nam

Công nghệ Thông tin/Thiết bị và Phần cứngCT

30.500

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

7.725

Current

30.500

Gap

-74.7%

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)

73.81%

Kd(1-t)

3.59%

D/(D+E)

26.19%

WACC

10.98%

Growth Estimate

Sector Default8.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→16x

Valuation

60%DCF Value

4.463

40%P/E Value

12.617

Blended Intrinsic

7.725

Value Decomposition

44%

56%

Explicit period (44%)Terminal value (56%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VEC

Earnings Quality

Fiscal year 2025

Poor

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 · 2025

-0.95

High Risk

DSRI

1.147

GMI

1.361

AQI

0.664

SGI

1.317

DEPI

0.695

SGAI

1.251

TATA

0.240

LVGI

0.955

VEC exhibits several concerning financial metrics, particularly with a Beneish M-Score of -0.9459, indicating a low likelihood of manipulation but still within a concerning range. The earnings quality score of 25.6/100 reflects significant weaknesses in cash conversion and revenue recognition, which are critical in the Vietnamese market context.

Red Flags

Earnings Quality Score of 25.6/100, indicating poor earnings quality and potential issues with cash conversion.
High DSRI of 1.1472 suggests potential inventory management issues, which could indicate overstatement of revenue.
GMI of 1.3606 indicates declining gross margins, raising concerns about profitability sustainability.

Positive Signals

Strong receivables management with an eq_receivables score of 100.0/100, indicating effective collection practices.
Low TATA of 0.2404 suggests that the company is not overly reliant on aggressive accounting practices.

Ownership Risk

The ownership structure is heavily concentrated, with Tập Đoàn Geleximco holding 88.0%, which may lead to governance risks and reduced shareholder influence. The significant individual stake of Trần Hữu Hưng (30.3%) further complicates minority shareholder interests.

Recommendation

Investors should closely monitor VEC's earnings quality and cash flow metrics, considering a cautious approach due to elevated risks. Engaging with management for clarity on revenue recognition practices and inventory management could provide further insights.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

8.38

Safe Zone

Sharpe

1.79

Excellent

Composite

Weak

Price Risk

Momentum

+332.6%

Volatility

99.1%

Max Drawdown

-58.9%

Key Ratios

Fiscal year 2025

20.86P/E

P/B3.00

P/S3.69

ROE15.4%

ROA8.8%

EPS1577.15

BVPS10968.35

Gross Margin26.1%

Net Margin17.7%

D/E0.33

Current Ratio4.95

Rev Growth31.7%

Profit Growth1201.1%

EV/EBITDA-17.96

Div Yield0.0%

Company Overview

Issued Shares

43.8M

Charter Capital

438.0B VND

Sector (ICB L2)

Công nghệ Thông tin

Industry (ICB L3)

Thiết bị và Phần cứng

Sub-industry

Phần cứng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tập Đoàn Geleximco

Inst

88.0%

38.5 trieu

Trần Hữu Hưng

Indiv

30.3%

13.3 trieu

Board & Management

Đỗ Thị Thúy Hương

Thành viên Hội đồng Quản trị

Vũ Hoài Anh

Thành viên Ban kiểm soát

Phạm Nguyên Anh

Phó Tổng Giám đốc

Nguyễn Minh Đức

Thành viên Ban kiểm soát

Nguyễn Tiến Dũng

Thành viên Hội đồng Quản trị

Lưu Hoàng Long

Tổng Giám đốc

Vũ Hải Vĩnh

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lê Thanh Tuấn

Chủ tịch Hội đồng Quản trị

Nguyễn Trung Dũng

Kế toán trưởng

Nguyễn Văn Đông

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Phạm Văn Chung

Trưởng Ban kiểm soát

Top connections

ABB88.0%CPI88.0%ABW88.0%CMG88.0%CT630.3%

Computed 12/04/2026