VNX

Technology

Công ty Cổ phần Quảng cáo và Hội chợ Thương mại Vinexad

Truyền thôngCT

13.300

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

228.308

Current

13.300

Gap

+500.0%

ModelDCF PE BLEND

Valuation Breakdown

CT→Technology

Defaulted to technology (no specific sector mapping found)

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)

58.31%

Kd(1-t)

6.42%

D/(D+E)

41.69%

WACC

10.61%

Growth Estimate

fundamental firm blend5.02%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→10.04x

Valuation

60%DCF Value

198.249

40%P/E Value

273.395

Blended Intrinsic

228.308

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VNX

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

-2.43

Moderate

DSRI

0.670

GMI

0.929

AQI

1.222

SGI

1.056

DEPI

1.018

SGAI

1.092

TATA

0.054

LVGI

0.953

VNX exhibits a Beneish M-Score of -2.4266, indicating a low likelihood of earnings manipulation, as it is below the manipulation threshold of -1.78. However, the earnings quality score of 66.5 suggests some concerns, particularly with revenue recognition, which could pose risks in financial reporting.

Red Flags

Earnings Quality Score of 0.0/100 for eq_revenue indicates significant issues in revenue recognition, which may lead to potential misstatements.
The SGI of 1.0564 suggests that sales growth is slightly outpacing revenue growth, which could indicate aggressive revenue recognition practices.

Positive Signals

Beneish M-Score of -2.4266 is well below the manipulation threshold, suggesting a lower risk of earnings manipulation.
Strong receivables quality score of 100.0/100 indicates effective management of accounts receivable, which is a positive sign for cash flow.

Ownership Risk

The ownership structure is concentrated among a few individuals, with the top five shareholders holding a combined 49.4%. This concentration can lead to governance risks, as decisions may favor the interests of a few over minority shareholders.

Recommendation

Investors should closely monitor revenue recognition practices and consider conducting further due diligence on management's financial reporting. Given the moderate risk level, a cautious approach is advised, potentially waiting for improved earnings quality metrics before making significant investments.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

4.07

Safe Zone

Sharpe

2.20

Excellent

Composite

Strong

Price Risk

Momentum

+173.3%

Volatility

95.5%

Max Drawdown

-0.3%

Key Ratios

Fiscal year 2024

0.30P/E

P/B0.14

P/S0.04

ROE54.4%

ROA31.2%

EPS34174.35

BVPS70293.42

Gross Margin29.8%

Net Margin15.7%

D/E0.72

Current Ratio2.30

Rev Growth5.6%

Profit Growth11.8%

EV/EBITDA-1.29

Div Yield126.3%

Company Overview

Issued Shares

3.2M

Charter Capital

32.3B VND

Sector (ICB L2)

Truyền thông

Industry (ICB L3)

Truyền thông

Sub-industry

Dịch vụ truyền thông

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Nguyễn Khắc Luận

Indiv

13.3%

428.211

Phạm Quỳnh Giang

Indiv

11.9%

384.784

Đinh Văn Khải

Indiv

11.7%

376.010

nguyen-thi-hang

Indiv

7.4%

239.694

Đỗ Thị Hoài

Indiv

5.1%

93.046

Trịnh Xuân Tuấn

Indiv

4.2%

51.155

nguyen-thi-van

Indiv

1.5%

18.596

nguyen-thu-hong

Indiv

1.5%

58.556

Nguyễn Khắc Thanh Bình

Indiv

1.5%

47.164

Phạm Đăng Khánh

Indiv

0.9%

28.429

Nguyễn Tuyết Mai

Indiv

0.7%

23.786

Nguyễn Thị Bích Hồng

Indiv

0.7%

9.029

Huỳnh Thị Thúy Nga

Indiv

0.5%

5.775

Mạc Thanh Tú

Indiv

0.4%

12.098

Vũ Đăng Khoa

Indiv

0.4%

11.220

Nguyễn Quốc Vĩnh

Indiv

0.3%

9.264

Huỳnh Thị Ngọc Châu

Indiv

0.2%

1.978

Lương Văn Long

Indiv

0.1%

1.796

nguyen-thu-ha

Indiv

0.1%

4.579

Board & Management

Nguyễn Khắc Luận13.3%

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Phạm Quỳnh Giang11.9%

Phó Tổng Giám đốc/Chủ tịch Hội đồng Quản trị

Đinh Văn Khải11.7%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Trịnh Xuân Tuấn4.2%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Thu Hồng1.5%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Phạm Đăng Khánh0.9%

Phó Tổng Giám đốc

Nguyễn Tuyết Mai0.7%

Phó Tổng Giám đốc/Phụ trách Công bố thông tin/Kế toán trưởng

Huỳnh Thị Thúy Nga0.5%

Thành viên Ban kiểm soát

Vũ Đăng Khoa0.4%

Trưởng Ban kiểm soát

Huỳnh Thị Ngọc Châu0.2%

Thành viên Ban kiểm soát

Top connections

DHP21.1%SHC10.0%VLS9.7%VLA9.4%KOS7.4%SSN7.4%HKT7.4%V127.4%TDP7.4%TVC7.4%TVB7.4%PAS7.4%

Computed 12/04/2026