LTC
Công ty Cổ phần Điện nhẹ Viễn Thông
Calibrated intrinsic value vs last close
Illustrative estimate- Last close (VND)
- 1.200
- Calibrated intrinsic value (VND)
- 1.451
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
- 1Measure the gap
Between the model and the last close.
- 2Check the record2015–2024
What gaps of that size went on to earn over the following year.
- 3Apply 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.
Why it needs review
- Trading liquidity is below the comparison threshold.
- Under financial distress the model falls back to book value.
This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.
Comparison assessed 3 Nov 2026Valid through 15 Nov 2026
- Model reliability
- Very Low
- Model fitInput stabilityRisk checks
- High requires the model’s diagnostic criteria to be met.
- Probability of outperforming peers
- Not assessed
- A separate peer-outperformance probability is unavailable for this valuation.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
Valuation Breakdown
Technology companies combine high growth potential with the risk of overvaluation. This model blends DCF (60% weight, capturing long-duration growth) with a P/E sanity check (40% weight, capping speculative excess). The DCF lets growth fade more slowly than in any other sector, recognizing that tech companies can sustain competitive advantages longer. The P/E component applies a dynamic ceiling: max P/E = min(growth% x 1.5, 30), preventing runaway valuations.
Technical details
Tech firms combine high growth potential with current profitability that peers can benchmark. Pure DCF could overvalue if growth assumptions are too aggressive. The P/E blend acts as a market-calibrated anchor, while the PEG-based cap prevents paying excessive multiples.
DCF: 10-year FCF projection with growth capped at 20%, fading more slowly than in any other sector toward the sector's long-run growth rate. P/E: 5-year median P/E capped at dynamic ceiling (growth x 1.5, max 30). Blend: 60% DCF + 40% P/E.
Technology and IT companies where high growth potential must be balanced against the risk of speculative overvaluation.
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 × (1 + calibrated gap / 100)
Earnings Quality
Financial Forensics
Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.
Checks measured on Vietnamese companies · FY2024
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 10.4%81st pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- 0.37×
- Consecutive years of net lossProfit after tax of the parent
- 1
- 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 trades on UPCoM, where these tests do not apply.
The company shows several accounting signals consistent with aggressive growth and financial stress: a Beneish M-Score of 1.6871 (97th percentile vs Vietnamese peers, year-over-year change +4.45) — the M-Score measures likelihood of accounting manipulation traits — combined with a very high SGI (sales growth index) of 6.9199. At the same time, solvency and cash metrics are weak: an Altman Z-Score of 0.05 (distress zone, a distance-to-bankruptcy measure) and an Earnings-Quality overall score of 45/100 driven by near-zero cash conversion, margin and revenue quality components.
- Beneish M-Score = 1.6871 (97th percentile vs VN peers; YoY change +4.45). The Beneish M-Score aggregates eight variables to flag anomalous accounting; versus Vietnamese companies this score is highly elevated and has moved materially year-over-year.
- Sales Growth Index (SGI) = 6.9199. SGI measures sales growth; a value >>1 indicates very rapid sales expansion, which can stress controls and increase incentives to manage revenue recognition.
- Altman Z-Score = 0.05 (distress zone). The Altman Z-Score is a bankruptcy-distance model combining profitability, leverage, liquidity and turnover — this level signals very low distance to distress by that model.
- Cash conversion (Earnings-Quality subscore) = 0/100 and TATA = -0.0064. Cash conversion and total accruals (TATA) measure how much reported profit converts into cash; near-zero cash-conversion score and slightly negative TATA suggest earnings are not being backed by operating cash flows.
- Receivables outside the trade cycle = 10.4% of total assets (81st percentile). This line (prepayments, loans receivable, other long-term receivables) is sizable vs peers and can reflect non-trade receivables or related-party exposures.
- Revenue quality = 0/100 and Margin quality = 0/100. These components indicate revenue growth and margin patterns that fail the quality tests used here (e.g., volatile or unsustained margins and revenue that does not map to cash or stable cost structures).
- Accruals quality = 100/100 and Receivables quality = 100/100. These scores indicate reported accruals and receivables patterns passed the specific checks used (e.g., accruals not unusually large or receivables trends consistent with revenue in those tests).
- DSRI = 0.1545 and SGAI = 0.2138. Days-sales-in-receivables and SG&A index components here are low (DSRI well below 1 and SGAI well below 1), which suggests no obvious rapid deterioration in receivables-days borne out by that particular ratio and relatively stable SG&A relative to sales in the Beneish components.
- AQI = 0.9493 and DEPI = 1.0000. AQI (asset quality index) <1 and DEPI (depreciation index) =1 did not flag large asset-reclassification or aggressive depreciation changes in the Beneish sub-measures.
Ownership is moderately concentrated: the state-related institution Tập Đoàn Bưu Chính Viễn Thông Việt Nam holds 15.3%, and three individuals hold material stakes (13.8%, 10.9%, 4.9%). This mix combines institutional (state-group) and insider individual control which can influence related-party transactions and group arrangements.
- Compare the 2024 line items for 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' in the notes to total assets to reconcile the 10.4% figure and identify counterparty and related-party descriptions.
- Reconcile consolidated cash flow from operating activities to net profit in the 2024 cash flow statement and supporting notes to verify the low cash-conversion signal and the TATA accruals calculation.
- Review the revenue recognition note and the schedule of receivables aging for 2024 to assess revenue quality and the composition/maturity of trade vs non-trade receivables.
- Examine the equity/accumulated-losses disclosure (statement of changes in equity and the auditor's report) to confirm accumulated losses = 0.37x paid-in capital and to read any auditor emphasis or qualifications; also note the company trades on UPCoM so Decree 155/HNX-HOSE statutory delisting test does not apply to this listing venue.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- —
- P/S
- —
- ROE
- 0.0%
- ROA
- 0.0%
- Gross Margin
- 0.0%
- Net Margin
- 0.0%
- D/E
- —
- Current Ratio
- 0.00
- EV/EBITDA
- —
- Div Yield
- —
Company Overview
- Shares outstanding
- 4.6M
- Charter Capital
- 45.9B VND
- Sector (ICB L2)
- Công nghệ Thông tin
- Industry (ICB L3)
- Thiết bị và Phần cứng
- Sub-industry
- Phần cứng
- Company Type
- CT