AST

Công ty Cổ phần Dịch vụ Hàng không Taseco

VietnamConsumerBán lẻHOSECT

58.800

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+12.1%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 58.800
Calibrated intrinsic value (VND): 65.912

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.

Also note

Trading liquidity is low.

Comparison assessed 3 Nov 2026Valid through 2 Dec 2026

Model reliability: Medium; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: 57.7%; 12 monthsHistorical calibration; Chance the return beats the median return of its sector peers.

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.

12-month sector-relative outlook

+5.0percentage points

Consumer12 monthsBack-test 2015–2024

Median 12-month return difference versus Consumer peers, for model gaps like this one.

Not an absolute return forecast.
Not a price target.
A stock can underperform its sector and still rise.

Computed 30 Oct 2026Not updated with daily prices

Sector calibration span · percentage points

−9.5+5.5

The sector’s historical range, not a prediction interval for this stock.
Actual returns can fall outside it.

Published filingsValued 30 Oct 2026Anchored to close on 2 Nov 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Bán lẻ→Consumer

Classified as consumer because ICB sector “Bán lẻ” 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

0.537

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

9.46%

E/(D+E)

92.96%

Kd(1-t)

5.58%

D/(D+E)

7.04%

WACC

10.00%

Growth Estimate

fundamental firm blend14.07%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→202.20B

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)→58.800

Calibrated value vs last close→+12.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

65.912

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

Discount rate (WACC)10.00%

Growth rate14.07%growth method: fundamental firm blend

Base cash flow202.2 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	11.1%	12.6%	14.1%	15.6%	17.1%
8.0%	68.661	68.661	68.661	68.661	72.199
9.0%	65.912	65.912	68.661	68.661	68.661
10.0%	65.774	65.912	65.912	65.912	67.434
11.0%	65.774	65.774	65.774	65.774	65.912
12.0%	65.774	65.774	65.774	65.774	65.774

Above market priceBelow market priceCurrent estimate

AST among Consumer

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

Each bead is one stock in the sector; the amber bead with its stem is AST. 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
CURRENT ASSETS (Bn. VND)	·	688	606	520	350	282	363	466	198	267	189	30
Cash and cash equivalents (Bn. VND)Net debt bridge	·	212	135	101	73	9	40	220	112	178	41	0.8
Short-term investments (Bn. VND)Net debt bridge	·	212	297	240	143	149	194	90	0	0	0	0
Accounts receivable (Bn. VND)	·	114	63	59	66	84	66	42	35	29	125	23
Prepayments to suppliers (Bn. VND)	·	17	4	5	14	21	12	2	4	3	29	0.5
Net Inventories	·	113	87	101	54	28	48	102	43	40	21	5
Inventories, Net (Bn. VND)	·	113	87	101	54	29	49	103	43	40	21	5
Other current assets	·	37	25	20	14	12	14	12	9	20	2	2
LONG-TERM ASSETS (Bn. VND)	·	343	247	241	229	221	262	407	468	359	179	21
Long-term trade receivables (Bn. VND)	·	16	7	6	8	8	11	11	159	159	75	0
Other long-term receivables (Bn. VND)	·	16	7	6	8	8	11	11	159	159	75	0
Fixed assets (Bn. VND)	·	207	136	120	112	117	126	155	142	134	97	15
Tangible fixed assets	·	183	112	111	94	98	117	145	133	126	89	15
Intagible fixed assets	·	24	24	8	19	19	9	9	9	8	8	0.1
Long-term investments (Bn. VND)	·	84	64	69	62	57	79	186	151	57	0	0
Investments in associate companies	·	74	57	60	50	45	59	71	144	56	0	0
Other long-term assets (Bn. VND)	·	6	6	6	6	6	6	0	0	0	0	0
Less: Provision for diminuation in value of long term investments	·	−0.05	−1	−0.9	0	−1	−0.9	0	0	0	0	0
Other non-current assets	·	35	39	46	46	34	41	52	14	9	5	5
Long-term prepayments (Bn. VND)	·	24	21	20	10	8	8	12	14	9	5	5
TOTAL ASSETS (Bn. VND)	·	1,031	853	761	579	503	625	874	666	626	368	51
LIABILITIES (Bn. VND)	·	344	235	174	123	90	85	230	111	157	166	24
Current liabilities (Bn. VND)	·	344	234	171	116	87	84	230	111	136	131	24
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	58	46	24	31	45	44	3	8	40	33	4
Advances from customers (Bn. VND)	·	29	9	3	4	2	2	10	6	12	3	0
Long-term liabilities (Bn. VND)	·	0	0.6	2	8	3	1	0	0	21	35	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0.6	2	8	3	1	0	0	21	34	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	687	618	588	455	412	540	644	555	469	202	27
Capital and reserves (Bn. VND)	·	687	618	588	455	412	540	644	555	469	202	27
Paid-in capital (Bn. VND)	·	450	450	450	450	450	450	450	360	360	160	27
Undistributed earnings (Bn. VND)	·	137	76	55	−55	−77	40	140	189	105	41	0.10
TOTAL RESOURCES (Bn. VND)	·	1,031	853	761	579	503	625	874	666	626	368	51
Short-term loans receivables (Bn. VND)	·	0	2	0	0	0	7	0	1	0	0	0
Common shares (Bn. VND)	·	450	450	450	450	450	450	450	360	360	160	27
Good will (Bn. VND)	·	11	18	26	35	26	33	40	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	100	92	82	61	39	50	54	6	4	−0.2	0

Earnings Quality

Fiscal year 2025

Fair

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 · 2025

Remainder

M −1.83 · 71st pctile vs VN companies

YoY ▲ +1.04

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

1.398

GMI

0.963

AQI

1.013

SGI

1.298

DEPI

1.250

SGAI

1.003

TATA

0.015

LVGI

1.213

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.1050th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 3.2%58th 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.

Quantitative Scores

F-Score

7/9

Strong

Z-Score

10.72

Safe Zone

Sharpe

−0.32

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 Burden0.86×Interest Burden0.99×Op. Margin0.22×Turnover1.67×Leverage1.50=ROE47.4%

Price Risk

Momentum

+3.1%

Volatility

27.4%

Max Drawdown

−14.5%

Key Ratios

Fiscal year 2025

12.71P/E

P/B: 5.42
P/S: 1.84
ROE: 44.9%
ROA: 26.5%
EPS: 5.559
BVPS: 13.042
Gross Margin: 63.5%
Net Margin: 18.9%
D/E: 0.09
Current Ratio: 2.00
Rev Growth: +29.8%
Profit Growth: +68.3%
EV/EBITDA: 7.35
Div Yield: 5.7%

Company Overview

Shares outstanding: 54.0M
Charter Capital: 540B VND
Sector (ICB L2): Bán lẻ
Industry (ICB L3): Bán lẻ
Sub-industry: Phân phối hàng chuyên dụng
Company Type: CT

Ownership network

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

Shareholders

Công ty Cổ phần Tập đoàn Taseco

Inst

51.0%

22.9M

2026-06-30

Sojitz Corporation

Inst

27.6%

14.9M

2026-09-15

Stic Pan-Asia 4th Industry Growth Private Equity Fund

Inst

10.0%

5.4M

2026-09-08

Phạm Ngọc Thanh

Indiv

0.3%

125,000

2026-06-30

Nguyễn Minh Hải

Indiv

0.1%

62,500

2026-06-30

Lê Anh Quốc

Indiv

0.1%

62,500

2026-06-30

Board & Management

Phạm Ngọc Thanh0.3%

Chairman of Management Board

Nguyễn Minh Hải0.1%

Vice Chairman of Management Board

Lê Anh Quốc0.1%

Vice Chairman of Management Board/General Director

Trần Thị Loan

Head of Supervisors Board

Nguyễn Thị Thanh Phương

Deputy General Director

Phạm Quang Viên

Vice Head of Accounting department

Top connections

TAL60.0%NAS51.0%

Director-deal registrations · 12 months

Sale registrations: 2 by 2 traders; 14,927,160 shares
Purchase registrations: 1 by 1 trader; 1 without a stated volume

Sojitz Corporation
Purchase · Institution
—
2026-09-15
Penm Iv Germany Gmbh & Co.kg
Sale · Institution
9,527,160
2026-09-08
Stic Pan-asia 4th Industry Growth Private Equity Fund
Sale · Institution
5,400,000
2026-09-08

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Also note

12-month sector-relative outlook

Valuation Breakdown

DCF Sensitivity

AST among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

Ownership network

Director-deal registrations · 12 months

AST among Consumer