NAS

Công ty Cổ phần Dịch vụ Hàng không Sân bay Việt Nam

VietnamConstructionHàng & Dịch vụ Công nghiệpVận tảiUPCOMCT

30.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+3.0%Calibrated value vs last close

Last close (VND): 30.000
Calibrated intrinsic value (VND): 30.887

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.

Why it needs review

Trading liquidity is below the comparison threshold.

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 2 Dec 2026

Model reliability: 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.

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.

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

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector “Hàng & Dịch vụ Công nghiệp” maps to the construction group.

ModelEV/EBITDA Mid-Cycle

Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Construction and industrial firms have lumpy, project-based earnings that swing with the building cycle. Order books fill and empty, so a single year's profit is a poor guide to normal earning power. This model values them on through-cycle EBITDA: a 7-year median EBITDA ("mid-cycle" earnings) times a fair EV/EBITDA multiple, less net debt. It mirrors the cyclical model.

Technical details

Why this model

Project-based revenue is lumpy and asset-backed. EV/EBITDA is capital-structure-neutral and undistorted by depreciation policy, and mid-cycle EBITDA normalizes across the building cycle so a firm isn't overvalued at a peak or undervalued at a trough.

How it works

Computes 7-year median EBITDA and a fair EV/EBITDA from the firm's own history blended toward the construction-sector median. Net debt is taken directly from the balance sheet (short- plus long-term borrowings minus cash and short-term investments, which hold most term deposits). Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Construction & materials and industrial goods & services companies with lumpy, project-based revenue and asset-backed balance sheets.

Model Inputs

Mid-Cycle EBITDA→30.97B

Fair EV/EBITDA→8.8x

Years of data→7

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)→30.000

Calibrated value vs last close→+3.0%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

30.887

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

Mid-cycle EBITDA31.0 tỷebitda source: own medianyears of data: 7

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	213	165	143	124	79	144	209	140	122	153	184	196	170
Cash and cash equivalents (Bn. VND)Net debt bridge	·	28	45	42	19	18	31	69	65	52	62	98	137	117
Short-term investments (Bn. VND)Net debt bridge	·	32	23	13	11	11	34	16	0	0	15	25	0	0
Accounts receivable (Bn. VND)	·	101	60	54	69	41	55	83	65	58	59	42	32	28
Prepayments to suppliers (Bn. VND)	·	5	7	5	5	4	5	17	10	6	14	12	6	2
Net Inventories	·	50	37	33	23	5	17	37	7	9	8	14	21	23
Inventories, Net (Bn. VND)	·	50	37	33	23	5	17	37	7	9	8	14	21	23
Other current assets	·	1	1	0.7	2	3	8	3	3	3	8	5	5	2
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	1.0
LONG-TERM ASSETS (Bn. VND)	·	220	132	151	171	188	301	222	202	208	226	94	75	57
Long-term trade receivables (Bn. VND)	·	2	1	1	1	2	2	2	2	1	1	0	0.4	0
Other long-term receivables (Bn. VND)	·	1	1	1	1	0.9	0.9	1	1.0	0.4	0.3	0	0.4	0
Fixed assets (Bn. VND)	·	183	111	128	148	161	163	102	98	106	121	78	44	45
Tangible fixed assets	·	180	110	126	145	158	160	99	96	103	116	77	43	37
Intagible fixed assets	·	3	0.9	2	3	3	3	3	3	3	4	0.5	0.6	0.9
Investment in properties	·	9	10	11	11	12	13	14	0	0	0	0	0	0
Long-term investments (Bn. VND)	·	13	7	7	7	7	97	97	97	98	98	7	7	7
Investments in associate companies	·	0.02	0.05	0.2	0.2	0.3	−0.09	0.7	0.7	0.9	1	0	0	0
Other long-term assets (Bn. VND)	·	97	97	97	97	97	97	97	97	97	97	7	7	7
Less: Provision for diminuation in value of long term investments	·	−90	−90	−90	−90	−90	0.6	0	0	0	0	0	0	0
Other non-current assets	·	11	3	4	4	6	3	5	4	2	5	2	0.2	5
Long-term prepayments (Bn. VND)	·	11	3	4	4	6	3	4	4	2	5	2	0	5
TOTAL ASSETS (Bn. VND)	·	433	298	294	296	266	446	430	342	330	378	278	271	227
LIABILITIES (Bn. VND)	·	297	190	224	238	211	255	211	137	129	201	129	128	82
Current liabilities (Bn. VND)	·	214	155	168	149	105	140	143	99	93	163	114	117	82
Short-term borrowings (Bn. VND)Net debt bridge	·	79	41	63	67	49	69	16	17	13	75	4	3	0
Advances from customers (Bn. VND)	·	0.04	0.5	0.05	0.4	1	0.5	1	0.1	0.03	0.2	0.3	0.02	0.03
Long-term liabilities (Bn. VND)	·	82	35	56	90	106	115	67	38	36	38	15	11	0.2
Long-term borrowings (Bn. VND)Net debt bridge	·	65	20	41	75	93	112	64	35	35	37	13	11	0
OWNER'S EQUITY(Bn.VND)	·	136	108	70	57	55	191	220	205	201	177	149	143	144
Capital and reserves (Bn. VND)	·	136	108	70	57	55	191	220	205	201	177	149	143	144
Paid-in capital (Bn. VND)	·	83	83	83	83	83	83	83	83	83	83	83	83	83
Investment and development funds (Bn. VND)	·	39	39	39	39	39	39	33	33	33	33	33	31	22
Other Reserves	·	4	4	4	4	4	4	4	4	4	4	4	4	4
Undistributed earnings (Bn. VND)	·	−16	−43	−71	−84	−85	3	36	28	24	33	28	25	29
TOTAL RESOURCES (Bn. VND)	·	433	298	294	296	266	446	430	342	330	378	278	271	227
Common shares (Bn. VND)	·	83	83	83	83	83	83	83	83	83	83	83	83	83
MINORITY INTERESTSNet debt bridge	·	26	25	16	15	15	62	63	57	57	24	0	0	0

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

75th–90th

M −1.57 · 78th pctile vs VN companies

YoY ▲ +0.70

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

1.390

GMI

1.009

AQI

1.193

SGI

1.212

DEPI

1.271

SGAI

0.995

TATA

0.060

LVGI

1.099

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: 1.5%43rd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.19×
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 trades on UPCoM, where these tests do not apply.

The company’s Beneish M-Score is -1.5697, which sits at the 78th percentile versus Vietnamese peers and rose by +0.70 year-over-year, indicating accounting metrics that are more aggressive relative to most local peers and that have recently shifted. Earnings-quality measures show major weaknesses: an overall score of 28.2/100 with cash conversion 7.8/100 and receivables quality 0.0/100, while accruals quality is relatively stronger at 76.0/100. Other signals: Altman Z-Score is 2.20 (the grey-zone) and Piotroski F-Score is 3/9 (weak fundamentals).

Red Flags

Beneish M-Score = -1.5697 (78th percentile vs Vietnamese peers; +0.70 YoY). The M-Score aggregates eight ratios designed to flag earnings manipulation risk; this level is above most domestic peers and has increased year-over-year.
DSRI = 1.3901. Days Sales Receivables Index >1 suggests receivables are growing faster than sales, consistent with collection deterioration or changes in revenue recognition.
AQI = 1.1933 and Receivables-quality = 0.0/100. The asset quality index >1 together with a 0.0/100 receivables-quality score point to non-trade receivables, prepayments or other long-dated receivables that weaken receivables quality.
TATA = 0.0599 and Cash conversion (3-year OCF / net profit) = 1.10. Total accruals to total assets ~6.0% and very poor cash conversion (Earnings-quality cash conversion 7.8/100) indicate reported profits are not translating into operating cash flow.
SGI = 1.2116 and GMI = 1.0088. Sales growth and gross-margin trends (SGI >1; GMI slightly >1) can correspond to pressure on margins while sales expand, which can incentivize aggressive recognition.
Altman Z-Score = 2.20 (grey zone). This indicates a middling distance from financial distress based on the Z model for non-financial firms.
Piotroski F-Score = 3/9. Weak operating and profitability fundamentals by Piotroski’s checklist.

Positive Signals

Accruals quality = 76.0/100. Relative to other components, accruals appear higher quality, suggesting less distortion from accrual accounting overall.
SGAI = 0.9949. Selling, general & administrative expense index ~1 (slightly below) — no large unexplained increase in SG&A relative to sales.
LVGI = 1.0989 and DEPI = 1.2707 provide mixed context: while DEPI >1 can indicate slower depreciation (an earnings-inflating signal), LVGI modestly >1 may simply reflect asset growth; these are not extreme on their own.
Vietnamese checks: accumulated losses = 0.19x paid-in capital and owner's equity (excluding minority interest) is positive; there are 0 recorded consecutive years of parent net loss up to FY2025 — these are not showing statutory insolvency on their face.

Ownership Risk

Major ownership concentration: Tổng Công ty Hàng không Việt Nam holds 51.0%, with two other institutional shareholders at 10.8% and 8.2%. No individual with a meaningful reported stake (Nghiêm Thị Thúy Tươi listed at 0.0%). No director-deal registrations were provided in the supplied data (director-deal registrations are intentions filed with the exchange, not executed trades).

To check in the filings

Compare the composition of 'receivables, prepayments and other long-term receivables' in the FY2025 notes to the receivables line on the balance sheet to quantify the 1.5% of total assets classified as receivables outside the trade cycle.
Reconcile operating cash flow to reported net profit in the cash-flow statement and the notes to explain the 3-year cash-conversion ratio of 1.10 (and the low cash-conversion quality score of 7.8/100).
Inspect the related-party schedules and the notes on loans/advances to affiliates to see whether material balances explain the low receivables quality (0.0/100) and the AQI = 1.1933.
Review the depreciation policy and fixed-asset note to assess drivers of DEPI = 1.2707 (depreciation index) and whether changes in useful lives or revaluations affected reported profit.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

2.20

Grey Zone

Sharpe

−0.49

Negative

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 Burden1.01×Interest Burden1.06×Op. Margin0.04×Turnover1.47×Leverage3.18=ROE21.1%

Price Risk

Momentum

−11.4%

Volatility

61.6%

Max Drawdown

−36.4%

Key Ratios

Fiscal year 2025

9.15P/E

P/B: 2.29
P/S: 0.40
ROE: 28.6%
ROA: 7.5%
EPS: 3.311
BVPS: 13.217
Gross Margin: 53.3%
Net Margin: 4.5%
D/E: 1.06
Current Ratio: 0.99
EV/EBITDA: 8.79
Div Yield: —

Company Overview

Shares outstanding: 8.3M
Charter Capital: 83.2B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Vận tải
Sub-industry: Kho bãi, hậu cần và bảo dưỡng
Company Type: CT

Ownership network

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

Shareholders

Tổng Công ty Hàng không Việt Nam

Inst

51.0%

4.2M

2026-08-11

Công Ty TNHH Thời trang và Mỹ phẩm Âu Châu

Inst

10.8%

900,376

2026-02-26

Công ty Cổ phần Tập đoàn Taseco

Inst

8.2%

682,680

2026-02-26

Board & Management

Nghiêm Thị Thúy Tươi

Member of Supervisors Board

Top connections

NCS60.2%TAL60.0%NCT55.1%ARM51.0%MAS51.0%HBS51.0%AST51.0%SAS14.9%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network