VWS

Utilities

Công ty Cổ phần Nước và Môi trường Việt Nam

Điện, nước & xăng dầu khí đốt/Nước & Khí đốtCT

15.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

22.628

Current

15.000

Gap

+50.9%

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→1.200

Payout ratio→109.6%

Valuation

Dividends Per Share

1.200

Base Growth

2.00%

Cost of Equity

8.70%

Terminal Growth

3.50%

DDM Value

22.628

Value Decomposition

26%

74%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VWS

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 · 2024

-2.20

Moderate

DSRI

1.344

GMI

1.123

AQI

0.884

SGI

0.823

DEPI

1.153

SGAI

1.328

TATA

0.032

LVGI

1.041

VWS exhibits several concerning financial metrics that suggest potential earnings manipulation, particularly with a Beneish M-Score of -2.2038, indicating a lower likelihood of manipulation but still warranting caution. The earnings quality score of 27.3/100, especially low scores in revenue and margin quality, raises red flags about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.2038, indicating potential manipulation risk despite being below the threshold.
Earnings Quality Score of 27.3/100, with revenue and margin quality both at 0.0/100, suggesting significant issues with revenue recognition and profitability.

Positive Signals

DSRI of 1.3437 indicates a reasonable level of inventory compared to sales, which could suggest effective inventory management.

Ownership Risk

The top shareholder, Tổng Công ty Tư vấn Xây dựng Việt Nam, holds a significant 35.4% stake, which may lead to potential conflicts of interest and influence over corporate governance. The concentration of ownership among a few individuals could also limit minority shareholder protections.

Recommendation

Investors should conduct further due diligence, particularly on revenue recognition practices and cash flow sustainability, before considering any position in VWS. Monitoring upcoming financial disclosures for improvements in earnings quality metrics is advisable.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.46

Distress Zone

Sharpe

-0.44

Negative

Composite

Fair

Price Risk

Momentum

+30.6%

Volatility

85.3%

Max Drawdown

-38.8%

Key Ratios

Fiscal year 2024

11.17P/E

P/B1.66

P/S1.25

ROE16.1%

ROA7.9%

EPS2332.29

BVPS14742.46

Gross Margin11.9%

Net Margin11.9%

D/E1.08

Current Ratio1.22

Rev Growth-17.7%

Profit Growth449.9%

EV/EBITDA-52.51

Div Yield7.3%

Company Overview

Issued Shares

3.6M

Charter Capital

36.0B VND

Sector (ICB L2)

Điện, nước & xăng dầu khí đốt

Industry (ICB L3)

Nước & Khí đốt

Sub-industry

Nước

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Tư vấn Xây dựng Việt Nam

Inst

35.4%

1.3 trieu

nguyen-nhu-ha

Indiv

7.3%

262.083

Hà Minh

Indiv

5.2%

186.800

Lê Văn Tuấn

Indiv

4.5%

162.768

nguyen-thanh-hai

Indiv

3.3%

118.142

Đỗ Thị Thúy Nga

Indiv

2.4%

86.207

Nguyễn Văn Thạnh

Indiv

2.2%

79.080

Nguyễn Hiền Hòa

Indiv

1.9%

69.565

Nguyễn Nhất Việt

Indiv

1.2%

42.981

Nguyễn Mạnh Hùng

Indiv

1.1%

38.559

Nguyễn Thành Tài

Indiv

1.0%

37.070

Đoàn Nam Anh

Indiv

0.9%

33.331

Trần Đức Toàn

Indiv

0.8%

30.000

Kiên Hùng

Indiv

0.7%

24.579

Ngô Lan Phương

Indiv

0.6%

21.942

Nguyễn Văn Nguyên

Indiv

0.6%

20.470

Phùng Ngọc Quang

Indiv

0.4%

14.570

Vũ Thị Hậu

Indiv

0.4%

13.137

Trịnh Xuân Thịnh

Indiv

0.2%

7.570

Nguyễn Thị Thủy

Indiv

0.2%

6.342

Nguyễn Văn Thắng

Indiv

0.1%

4.756

Board & Management

Lê Văn Tuấn4.5%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Thanh Hải3.3%

Chủ tịch Hội đồng Quản trị/Người phụ trách quản trị công ty

Đỗ Thị Thúy Nga2.4%

Trưởng Ban kiểm soát

Nguyễn Văn Thành2.2%

Thành viên Hội đồng Quản trị

Nguyễn Hiền Hòa1.9%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Mạnh Hùng1.1%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thành Tài1.0%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Kiên Hùng0.7%

Phó Tổng Giám đốc

Ngô Lan Phương0.6%

Kế toán trưởng

Nguyễn Văn Nguyên0.6%

Phó Tổng Giám đốc

Vũ Thị Hậu0.4%

Thành viên Ban kiểm soát

Nguyễn Thị Thúy0.2%

Thành viên Ban kiểm soát

Hà Hải Tú

Phụ trách Công bố thông tin

Nguyễn Bá Minh

Thành viên Hội đồng Quản trị

Top connections

USC57.8%CCV51.0%NAC48.6%NAF43.3%CNN2 links LCC21.5%DXL17.8%ATS9.7%HC38.2%DHC8.0%LMI7.3%BWS7.3%

Computed 12/04/2026