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GEE

Công ty Cổ phần Điện lực Gelex

VietnamCyclicalsHàng & Dịch vụ Công nghiệpĐiện tử & Thiết bị điệnHOSECT
63.200
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Close near calibrated value
−4.2%Calibrated value vs last close
At last close+500%
Last close (VND)
63.200
Calibrated intrinsic value (VND)
60.549

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. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 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
Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
46.1%
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

−6.1percentage points
Cyclicals12 monthsBack-test 2015–2024

Median 12-month return difference versus Cyclicals 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
−7.9+8.6
  • The sector’s historical range, not a prediction interval for this stock.
  • Actual returns can fall outside it.

Valuation Breakdown

CT→Điện tử & Thiết bị điện→Cyclical
Classified as cyclical because ICB sector “Điện tử & Thiết bị điện” maps to the cyclical group.
ModelEV/EBITDA Mid-Cycle
Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.

Technical details
Why this model

Commodity/basic-material earnings swing with global prices. Using mid-cycle EBITDA normalizes across booms and busts, preventing overpayment at cyclical peaks. EV/EBITDA is preferred over P/E because it's capital-structure-neutral and not distorted by depreciation policies.

How it works

Computes the 7-year median EBITDA and the 7-year median EV/EBITDA. With fewer than 5 years of its own EBITDA, the company's EBITDA is estimated as revenue x the sector median margin. When mid-cycle EBITDA is not positive, the value is 70% of book value per share. Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.

1
Model Inputs
Mid-Cycle EBITDA→1989.95B
Fair EV/EBITDA→8.3x
Years of data→5
2
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)→63.200
Calibrated value vs last close→−4.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
60.549
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA2.0 nghìn tỷebitda source: own medianyears of data: 5
Feeds valuation:Model inputsFinal calculation
Line item202620252024202320222021
CURRENT ASSETS (Bn. VND)
·12,2236,8616,5637,76812,446
Cash and cash equivalents (Bn. VND)Net debt bridge
·1,2136921,1257101,410
Short-term investments (Bn. VND)Net debt bridge
·72980162225330
Accounts receivable (Bn. VND)
·4,2612,2531,9962,3333,530
Prepayments to suppliers (Bn. VND)
·45165793537128
Net Inventories
·5,6053,6803,0744,3606,780
Inventories, Net (Bn. VND)
·5,6243,7473,1144,3896,793
Other current assets
·415157206140396
LONG-TERM ASSETS (Bn. VND)
·4,1236,0427,1609,65210,678
Long-term trade receivables (Bn. VND)
·59707150.2
Other long-term receivables (Bn. VND)
·440.090.10.2
Fixed assets (Bn. VND)
·1,5272,4533,4606,6836,785
Tangible fixed assets
·1,4592,3773,3806,5896,656
Intagible fixed assets
·68768094129
Investment in properties
·811231301390
Long-term investments (Bn. VND)
·1,6982,6622,6531,8822,598
Investments in associate companies
·1,6931,5471,4217682,595
Other long-term assets (Bn. VND)
·31,1151,2471,1153
Less: Provision for diminuation in value of long term investments
·00−1500
Other non-current assets
·562561644762780
Long-term prepayments (Bn. VND)
·481422494592571
TOTAL ASSETS (Bn. VND)
·16,34612,90313,72317,42023,124
LIABILITIES (Bn. VND)
·7,9495,9507,77111,41617,136
Current liabilities (Bn. VND)
·6,7725,3816,4596,16510,923
Short-term borrowings (Bn. VND)Net debt bridge
·4,4672,9714,3703,5065,370
Advances from customers (Bn. VND)
·626294221246377
Long-term liabilities (Bn. VND)
·1,1775691,3125,2516,213
Long-term borrowings (Bn. VND)Net debt bridge
·1,0484531,2365,1606,114
OWNER'S EQUITY(Bn.VND)
·8,3976,9535,9526,0035,987
Capital and reserves (Bn. VND)
·8,3976,9535,9506,0005,984
Paid-in capital (Bn. VND)
·3,6603,0003,0003,0003,000
Investment and development funds (Bn. VND)
·55555
Other Reserves
·467512536526526
Undistributed earnings (Bn. VND)
·3,6692,0451,055920858
Budget sources and other funds
·00234
TOTAL RESOURCES (Bn. VND)
·16,34612,90313,72317,42023,124
Short-term loans receivables (Bn. VND)
·2,51537215010290
Long-term loans receivables (Bn. VND)
·50600150
Common shares (Bn. VND)
·3,6603,0003,0003,0003,000
Good will (Bn. VND)
·5795124154183
MINORITY INTERESTSNet debt bridge
·371556518714759

Earnings Quality

Fiscal year 2025
14
Poor
Accrual Quality
23
Cash Conversion
0
Receivables
0
Margin Stability
31
Revenue Quality
37

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −0.96 · 88th pctile vs VN companies
YoY ▲ +0.95
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
1.569
GMI
0.898
AQI
0.571
SGI
1.205
DEPI
0.743
SGAI
1.123
TATA
0.238
LVGI
1.058

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
0.4029th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
18.5%89th 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.

The company's Beneish M-Score is -0.9568 (88th percentile versus Vietnamese peers) with a year-over-year increase of +0.95, indicating accounting metrics have moved toward more aggressive values relative to peers; the score is above the US -1.78 threshold but that cutoff is US-calibrated. Earnings-quality measures are weak (overall 13.7/100) driven by near-zero cash conversion and receivables quality, while solvency-distance is strong (Altman Z-Score 9.97). The Piotroski F-Score is neutral at 4/9 and statutory loss tests are not met in the published statements.

Red Flags
  • High Beneish percentile: M-Score -0.9568 at the 88th Vietnam-peer percentile — this indicates the company's combination of the eight manipulation-related ratios is more aggressive than 88% of Vietnamese peers (the YoY rise of +0.95 shows the metrics shifted materially year-over-year).
  • Days Sales Receivable Index (DSRI) = 1.5694 — DSRI measures growth in receivables relative to sales; a value >1 suggests receivables grew faster than sales, consistent with a receivables build.
  • Total Accruals to Total Assets (TATA) = 0.2379 — TATA measures accrual-based earnings relative to assets; a positive and sizable TATA indicates earnings contain a material accrual component (low cash earnings).
  • Receivables outside trade cycle = 18.5% of total assets (89th percentile among Vietnamese non-financials) — this captures prepayments to suppliers, loans receivable and other long-term receivables; the company is in the top decile for such items versus peers.
  • Cash conversion (operating cash flow / net profit, 3-year) = 0.40 (29th percentile) — only 40% of reported profit has converted to operating cash over three years, low relative to peers and consistent with the high accruals signal.
  • Earnings-quality sub-scores: Cash conversion 0.0/100 and Receivables quality 0.0/100 — these extreme low scores reinforce concerns about profit-to-cash conversion and the nature of receivables.
  • SGAI = 1.1232 and SGI = 1.2051 — selling, general & administrative expenses and sales growth indicators greater than 1 can signal rising overheads and revenue growth; if SGI>1 while margin quality is only 30.6/100, revenue growth may be accompanied by margin pressure or aggressive recognition.
Positive Signals
  • Altman Z-Score = 9.97 (safe zone) — this measures distance from bankruptcy using a multi-factor discriminant; a value near 10 places the company well within the non-distress zone on the classic Altman scale.
  • Piotroski F-Score = 4/9 (neutral) — this composite of profitability, leverage/liquidity, and operational efficiency shows mixed fundamentals rather than clear deterioration.
  • AQI = 0.5709 and DEPI = 0.7434 — the asset quality index (AQI) below 1 and DEPI below 1 suggest some relative improvement in asset composition and depreciation patterns versus prior period benchmarks used in Beneish components.
  • No accumulated losses; owner's equity (excluding minority interest) positive; parent net loss count = 0 years up to FY2025 — the published statements show no statutory indicators of capital erosion and the company passes the statutory loss tests referenced.
Ownership Risk

Ownership is highly concentrated: Gelex holds 76.0% (institutional controlling shareholder). The next largest holders are institutional (4.9%, 4.7%, 2.5%) and one small individual at 0.2%. Director-deal registrations between 2025-10-30 and 2026-10-30 show 2 sale registrations (10,130,000 shares) and 1 purchase registration (10,000,000 shares) with net registered volume ≈ -0.02% of shares outstanding; these are registered intentions reported to the exchange, not necessarily executed trades.

To check in the filings
  • Compare the FY2025 schedule for 'Receivables and prepayments' (note) to revenue: quantify trade receivables versus 'loans receivable' and 'prepayments to suppliers' and disclose their maturities.
  • Reconcile operating cash flow and net profit across FY2023–FY2025: inspect the cash flow statement and the notes to identify major non-cash items driving TATA = 0.2379.
  • Examine related‑party balances and the 'other long-term receivables' note for counterparty, terms, and collateral where receivables outside the trade cycle make up 18.5% of assets.
  • Review the depreciation and impairment notes supporting DEPI = 0.7434 and AQI = 0.5709 to see changes in useful lives, disposals, reclassifications, or write-downs affecting asset quality.

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

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
9.97
Safe Zone
Sharpe
−0.69
Negative
Composite
31
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 Burden0.80×Interest Burden1.00×Op. Margin0.17×Turnover1.56×Leverage1.95=ROE40.7%
Price Risk
Momentum
−25.2%
Volatility
54.7%
Max Drawdown
−58.0%

Key Ratios

Fiscal year 2025
13.04P/E
P/B
5.29
P/S
1.67
ROE
45.2%
ROA
22.3%
EPS
8.900
BVPS
21.930
Gross Margin
16.1%
Net Margin
13.4%
D/E
0.66
Current Ratio
1.80
Rev Growth
+20.2%
Profit Growth
+104.0%
EV/EBITDA
14.10
Div Yield
4.0%

Company Overview

Shares outstanding
640M
Charter Capital
6,405B VND
Sector (ICB L2)
Hàng & Dịch vụ Công nghiệp
Industry (ICB L3)
Điện tử & Thiết bị điện
Sub-industry
Thiết bị điện
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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