VTI

Consumer

Công ty Cổ phần Sản xuất - Xuất nhập khẩu Dệt may

Hàng cá nhân & Gia dụng/Hàng cá nhânCT

4.800

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

11.608

Current

4.800

Gap

+141.8%

ModelFCF DCF

Valuation Breakdown

CT→Hàng cá nhân & Gia dụng→Consumer

Classified as consumer because ICB sector "Hàng cá nhân & Gia dụng" maps to the consumer group

ModelFCF-Based DCF

Value = Sum of [FCF / (1+WACC)^t] + Terminal Value / (1+WACC)^n

A classic Discounted Cash Flow model built on Free Cash Flow (FCF), the actual cash a business generates after all operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted back to today's value using WACC. This is the gold standard of intrinsic valuation: it values the company based on what it can actually deliver to shareholders, independent of market sentiment.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

0.800

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

10.10%

E/(D+E)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

10.10%

Growth Estimate

Sector Default4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→3.13B

Projection years→10

Valuation

Base FCF

3.13B

Growth Rate

4.00%

WACC

10.10%

Terminal Growth

4.00%

DCF Value

11.608

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VTI

Earnings Quality

Fiscal year 2024

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2016

-6.86

Low Risk

DSRI

0.797

GMI

0.702

AQI

1.598

SGI

0.711

DEPI

0.000

SGAI

1.370

TATA

-0.778

LVGI

1.605

The analysis of VTI reveals significant concerns regarding earnings quality and potential manipulation, as indicated by a Beneish M-Score of -6.8574, well below the manipulation threshold. The low earnings quality score of 18.3/100 further underscores the risk of inflated financials, particularly with a cash conversion score of only 21.5/100.

Red Flags

Beneish M-Score of -6.8574 indicates a high likelihood of earnings manipulation, far exceeding the threshold of -1.78.
Earnings Quality Score of 18.3/100 suggests severe issues with accruals and cash conversion, with an eq_accrual score of 0.0/100 indicating no reliability in reported earnings.

Positive Signals

DSRI of 0.7969 indicates a decrease in receivables relative to sales, which could suggest improved inventory management.

Ownership Risk

The ownership structure is heavily concentrated, with Tập đoàn Dệt May Việt Nam holding 68.3%, which could lead to potential conflicts of interest and reduced accountability. The state-owned enterprise (SOE) involvement may also introduce bureaucratic inefficiencies.

Recommendation

Investors should exercise caution and consider avoiding VTI until there are clear improvements in earnings quality and transparency. Monitoring future financial disclosures for signs of improved cash conversion and reduced manipulation risk is essential.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

-180.63

Distress Zone

Sharpe

-0.37

Negative

Composite

Poor

Price Risk

Momentum

-35.5%

Volatility

111.7%

Max Drawdown

-53.5%

Key Ratios

Fiscal year 2024

6.06P/E

P/B0.00

P/S4.22

ROE-1.5%

ROA43.7%

EPS791.86

BVPS0.00

Gross Margin79.4%

Net Margin69.6%

D/E-1.02

Current Ratio0.00

Rev Growth-47.3%

Profit Growth-92.4%

EV/EBITDA9.13

Div Yield0.0%

Company Overview

Issued Shares

3.5M

Charter Capital

42.8B VND

Sector (ICB L2)

Hàng cá nhân & Gia dụng

Industry (ICB L3)

Hàng cá nhân

Sub-industry

Hàng May mặc

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tập đoàn Dệt May Việt Nam

Inst

68.3%

2.9 trieu

Tổng công ty May Hưng Yên - Công ty Cổ phần

State

5.5%

233.434

Nguyễn Thành Quế

Indiv

0.9%

37.900

Nguyễn Thị Thanh Nga

Indiv

0.2%

7.600

Nguyễn Thị Kim Lý

Indiv

0.1%

4.900

Board & Management

Mai Thị Thùy Trâm

Thành viên Ban kiểm soát

Bùi Trung Dũng

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Hoàng Thúy Anh

Thành viên Hội đồng Quản trị

Nguyễn Thị Huê

Kế toán trưởng

Nguyễn Thị Kim Cúc

Thành viên Ban kiểm soát

Phan Việt Hảo

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Thu Thảo

Trưởng Ban kiểm soát

Lưu Trọng Giá

Phó Tổng Giám đốc

Top connections

HTG68.3%HDM68.3%SPB68.3%NDT68.3%PPH68.3%TVT68.3%MGG68.3%HUG68.3%VGG68.3%HNI68.3%NJC68.3%VDN68.3%

Computed 12/04/2026