GAS

Tổng Công ty Khí Việt Nam - Công ty Cổ phần

VietnamUtilitiesĐiện, nước & xăng dầu khí đốtNước & Khí đốtHOSECT

77.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+8.4%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 77.000
Calibrated intrinsic value (VND): 83.484

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.

Model reliability: High; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: 47.4%; 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

−2.7percentage points

Utilities12 monthsBack-test 2015–2024

Median 12-month return difference versus Utilities 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

−17.2+1.9

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→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+).

Technical details

Why this model

Regulated utilities have capped growth but high, stable dividend payouts. DDM is the canonical valuation method when dividends are the primary return to shareholders. Many utilities follow stated or regulated payout policies, so actual dividends are a direct input.

How it works

Uses the median cash dividend of the last 3 years from corporate events; a company with no dividend record gets 50% of its median EPS. 3 stages: high growth (3yr at estimated rate), transition (3yr linear decay), terminal (perpetual at the sector's long-run growth rate). Discounts at cost of equity (CAPM). A payout above 40% of earnings is needed for high model reliability.

Best for

Regulated utilities, power companies, and water suppliers with stable, predictable dividend policies.

Cost of Equity (Ke)

Risk-Free (Rf)

4.36%

Betasector default

0.967

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.35%

Growth Estimate

fundamental equity blend7.15%

Model Inputs

DPS source:Actual dividends

DPS→2.856

Payout ratio→60.4%

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)→77.000

Calibrated value vs last close→+8.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

83.484

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

Growth rate7.15%growth method: fundamental equity blend

Dividend per share2.856dps source: eventspayout ratio: 60.36

GAS among Utilities

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

Each bead is one valued stock in the sector; the amber bead with its stem is GAS. Drag to turn; open another stock from its bead.

Feeds valuation:GrowthModel inputs

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
CURRENT ASSETS (Bn. VND)	·	69,902	57,290	62,218	55,652	51,395	39,472	41,815	40,932	38,257	33,203	33,697	33,289	28,307	·
Cash and cash equivalents (Bn. VND)	·	6,876	5,568	5,669	10,549	5,300	5,237	4,476	6,706	13,502	13,538	17,748	24,080	18,293	·
Short-term investments (Bn. VND)	·	32,891	27,494	35,085	23,726	24,800	21,613	24,915	21,602	13,577	5,898	6,099	1,684	818	·
Accounts receivable (Bn. VND)	·	24,881	19,098	16,865	16,191	16,920	10,239	10,359	10,214	9,175	11,878	8,092	5,118	5,960	·
Prepayments to suppliers (Bn. VND)	·	116	376	264	224	413	435	844	91	156	298	864	632	365	·
Net Inventories	·	4,399	4,599	3,945	4,102	3,241	1,663	1,575	1,948	1,645	1,291	1,212	1,860	2,461	·
Inventories, Net (Bn. VND)	·	4,588	4,732	4,070	4,185	3,325	1,729	1,645	2,018	1,738	1,380	1,304	1,936	2,551	·
Other current assets	·	855	531	654	1,082	1,133	720	491	462	357	597	545	547	774	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	491	·
LONG-TERM ASSETS (Bn. VND)	·	23,666	24,564	25,537	27,011	27,373	23,736	20,363	21,682	23,632	23,551	23,018	20,502	22,072	·
Long-term trade receivables (Bn. VND)	·	1,124	531	318	169	188	162	128	217	189	135	141	25	0	·
Other long-term receivables (Bn. VND)	·	1,058	461	243	92	117	88	49	149	126	71	77	25	0	·
Fixed assets (Bn. VND)	·	15,951	18,222	19,532	16,370	18,098	19,774	15,850	18,609	15,396	17,203	14,870	15,231	19,833	·
Tangible fixed assets	·	15,574	17,853	19,145	15,976	17,688	19,335	15,438	18,149	14,925	16,746	14,445	14,778	16,567	·
Leased assets	·	0	0	0	0	0	0	0	20	37	57	67	94	117	·
Intagible fixed assets	·	377	369	387	394	410	438	412	440	434	400	358	359	345	·
Investment in properties	·	29	30	32	36	22	22	23	24	25	25	0	0	0	·
Long-term investments (Bn. VND)	·	406	400	398	406	400	379	405	63	93	144	86	87	445	·
Investments in associate companies	·	396	390	388	396	390	369	395	53	57	132	76	77	79	·
Other long-term assets (Bn. VND)	·	35	35	35	35	35	35	35	85	111	87	85	85	442	·
Less: Provision for diminuation in value of long term investments	·	−25	−25	−25	−25	−25	−25	−25	−75	−75	−75	−75	−75	−75	·
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	531	·
Other non-current assets	·	3,279	3,663	3,476	4,053	3,794	1,096	937	1,534	1,359	1,306	1,323	1,378	1,262	·
Long-term prepayments (Bn. VND)	·	3,246	3,630	3,436	3,998	3,744	1,023	823	1,324	1,077	950	883	862	1,232	·
TOTAL ASSETS (Bn. VND)	·	93,568	81,855	87,754	82,663	78,768	63,208	62,179	62,614	61,889	56,754	56,715	53,791	50,379	·
LIABILITIES (Bn. VND)	·	25,915	20,284	22,456	21,489	26,575	13,709	12,564	15,747	18,618	15,910	13,826	16,112	15,346	·
Current liabilities (Bn. VND)	·	20,574	14,575	14,972	12,488	16,561	9,749	9,964	11,847	10,912	9,183	9,002	10,420	9,873	·
Short-term borrowings (Bn. VND)	·	1,440	934	1,605	45	485	1,017	1,341	1,490	1,738	1,180	1,590	2,443	2,853	·
Advances from customers (Bn. VND)	·	447	271	119	128	105	228	203	238	204	86	72	123	74	·
Long-term liabilities (Bn. VND)	·	5,341	5,708	7,484	9,001	10,014	3,960	2,600	3,901	7,706	6,727	4,823	5,692	5,473	·
Long-term borrowings (Bn. VND)	·	1,532	2,291	4,271	6,038	7,510	1,964	1,456	3,396	7,312	6,366	4,504	5,132	4,604	·
OWNER'S EQUITY(Bn.VND)	·	67,653	61,571	65,299	61,174	52,193	49,500	49,615	46,867	43,272	40,844	42,889	37,679	33,358	·
Capital and reserves (Bn. VND)	·	67,653	61,571	65,299	61,174	52,193	49,500	49,615	46,867	43,272	40,844	42,889	37,679	33,358	·
Paid-in capital (Bn. VND)	·	24,129	23,427	22,967	19,140	19,140	19,140	19,140	19,140	19,140	19,140	18,950	18,950	18,950	·
Other Reserves	·	300	300	282	197	197	197	197	255	255	256	252	59	33	·
Foreign Currency Difference reserve	·	0.2	0	0	0	0	0	0	0	0	0	0	0	0	·
Investment and development funds (Bn. VND)	·	29,381	26,968	23,919	21,063	21,054	18,854	18,844	14,862	14,850	13,405	11,513	11,692	8,519	·
Other Reserves	·	0	0	0	6	6	6	6	6	6	6	135	135	135	·
Undistributed earnings (Bn. VND)	·	12,484	9,553	16,880	19,241	10,487	10,029	10,109	10,599	7,089	6,158	10,251	5,144	3,036	·
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	1,675	·
TOTAL RESOURCES (Bn. VND)	·	93,568	81,855	87,754	82,663	78,768	63,208	62,179	62,614	61,889	56,754	56,715	53,791	50,379	·
Common shares (Bn. VND)	·	24,129	23,427	22,967	19,140	19,140	19,140	19,140	19,140	19,140	19,140	18,950	18,950	18,950	·
Good will (Bn. VND)	·	0	0	0	0	0.6	22	83	166	235	305	393	480	0	·
MINORITY INTERESTS	·	1,358	1,323	1,250	1,316	1,098	1,064	1,108	1,794	1,782	1,730	1,827	1,698	0	·

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

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

Remainder

M −2.05 · 64th pctile vs VN companies

YoY ▲ +0.12

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

0.998

GMI

1.351

AQI

1.064

SGI

1.305

DEPI

0.875

SGAI

0.536

TATA

−0.016

LVGI

1.147

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.0648th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.3%40th 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

5/9

Neutral

Z-Score

6.93

Safe Zone

Sharpe

0.47

Positive

Composite

30 to 49

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 Burden0.81×Interest Burden1.00×Op. Margin0.11×Turnover1.44×Leverage1.38=ROE17.1%

Price Risk

Momentum

+41.1%

Volatility

40.0%

Max Drawdown

−50.0%

Key Ratios

Fiscal year 2025

16.49P/E

P/B: 2.84
P/S: 1.39
ROE: 18.0%
ROA: 13.0%
EPS: 4.730
BVPS: 27.475
Gross Margin: 12.6%
Net Margin: 8.6%
D/E: 0.04
Current Ratio: 3.40
Rev Growth: +30.5%
Profit Growth: +9.8%
EV/EBITDA: 9.60
Div Yield: 2.6%

Company Overview

Shares outstanding: 2,413M
Charter Capital: 24,129B VND
Sector (ICB L2): Điện, nước & xăng dầu khí đốt
Industry (ICB L3): Nước & Khí đốt
Sub-industry: Phân phối xăng dầu & khí đốt
Company Type: CT

Ownership network

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

Shareholders

Tập Đoàn Công Nghiệp – Năng Lượng Quốc Gia Việt Nam

Inst

95.8%

2,243M

2026-06-30

Board & Management

Trần Nhật Huy

Member of Management Board

Top connections

BSR95.8%OIL95.8%POW95.8%DCM95.8%DPM95.8%PVX95.8%PCB95.8%PVS95.8%PVT95.8%PVD95.8%PSN95.8%PVC95.8%

Listed group

CNGCông ty Cổ phần CNG Việt Nam
Subsidiary: over 50% held
56.0%
2026-06-30
PVBCông ty Cổ phần Bọc ống Dầu khí Việt Nam
Subsidiary: over 50% held
52.9%
2026-03-31
PVGCông ty Cổ phần Kinh doanh LPG Việt Nam
Subsidiary: over 50% held
51.3%
2026-06-30
PGDCông ty Cổ phần Phân phối khí thấp áp dầu khí Việt Nam
Subsidiary: over 50% held
50.5%
2026-06-30
PGSCông ty Cổ phần Kinh doanh Khí Miền Nam
Associate: 20% or more held
35.3%
2026-06-30

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 142,600 shares
Purchase registrations: 1 by 1 trader; 1 without a stated volume

Trịnh Văn Bộ
Sale · Related person
142,600
2026-04-13
Trịnh Văn Bộ
Purchase · Related person
—
2026-03-12

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

12-month sector-relative outlook

Valuation Breakdown

GAS among Utilities

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

GAS among Utilities

Ownership network

Listed group

Director-deal registrations · 12 months