PHP

Công ty Cổ phần Cảng Hải Phòng

VietnamConstructionHàng & Dịch vụ Công nghiệpVận tảiUPCOMCT

42.400

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close near calibrated value

+3.0%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 42.400
Calibrated intrinsic value (VND): 43.653

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: 49.7%; 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

−2.5percentage points

Construction12 monthsBack-test 2015–2024

Median 12-month return difference versus Construction 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

−11.7+5.7

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→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→832.18B

Fair EV/EBITDA→8.1x

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)→42.400

Calibrated value vs last close→+3.0%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

43.653

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

Mid-cycle EBITDA832.2 tỷebitda source: own medianyears of data: 7

PHP among Construction

Every stock in the sector, PHP 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 PHP. Drag to turn; open another stock from its bead.

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)	·	3,070	3,094	3,080	4,093	3,585	3,202	2,844	2,320	2,085	1,880	1,837	1,304	1,138
Cash and cash equivalents (Bn. VND)Net debt bridge	·	390	494	198	683	309	161	274	394	284	520	42	53	202
Short-term investments (Bn. VND)Net debt bridge	·	1,551	1,345	1,964	2,481	2,752	2,575	2,155	1,524	1,351	1,008	1,340	789	600
Accounts receivable (Bn. VND)	·	653	973	687	804	412	385	331	318	363	298	394	391	275
Prepayments to suppliers (Bn. VND)	·	81	392	210	266	34	11	4	17	117	27	41	25	2
Net Inventories	·	127	116	104	93	84	63	58	49	42	35	40	27	42
Inventories, Net (Bn. VND)	·	127	116	104	93	84	63	58	49	42	35	40	27	42
Other current assets	·	347	166	127	32	29	19	26	33	46	19	20	43	19
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	2
LONG-TERM ASSETS (Bn. VND)	·	6,844	5,400	3,999	2,522	2,517	2,609	2,941	3,148	3,175	3,248	3,484	4,216	1,910
Long-term trade receivables (Bn. VND)	·	0.05	0.09	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.6	0.6	5	0.8
Other long-term receivables (Bn. VND)	·	0.05	0.09	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.6	0.6	1	0.8
Fixed assets (Bn. VND)	·	1,518	1,826	1,975	1,973	2,130	2,275	2,492	2,755	2,757	2,867	3,147	3,182	1,675
Tangible fixed assets	·	1,508	1,819	1,968	1,967	2,127	2,273	2,489	2,751	2,755	2,865	3,145	3,179	1,542
Leased assets	·	0	0	0	0	0	0	0	0	0	0	0	0	10
Intagible fixed assets	·	10	7	7	6	4	3	3	3	3	1	2	3	2
Investment in properties	·	2,582	0	0	0	0	0	0	0	0	0	0	0	0
Long-term investments (Bn. VND)	·	1,363	315	317	326	287	268	351	279	278	247	252	300	228
Investments in associate companies	·	1,361	313	301	310	269	252	261	262	261	230	234	161	139
Other long-term assets (Bn. VND)	·	2	2	18	18	18	18	18	18	18	18	18	95	89
Less: Provision for diminuation in value of long term investments	·	−0.5	−0.1	−1	−1	−0.1	−1	−1	−1	−1.0	−1	−0.01	−6	−0.2
Other non-current assets	·	90	97	86	95	80	59	96	92	92	73	64	637	6
Long-term prepayments (Bn. VND)	·	75	82	71	82	67	47	55	59	66	56	64	44	4
TOTAL ASSETS (Bn. VND)	·	9,914	8,494	7,079	6,615	6,103	5,811	5,785	5,468	5,260	5,129	5,321	5,520	3,048
LIABILITIES (Bn. VND)	·	3,097	2,133	1,343	1,233	1,106	1,153	1,377	1,371	1,197	1,309	1,561	1,481	1,244
Current liabilities (Bn. VND)	·	1,251	1,638	819	679	493	480	687	653	464	533	724	483	640
Short-term borrowings (Bn. VND)Net debt bridge	·	25	24	26	28	32	35	33	32	56	65	63	69	78
Advances from customers (Bn. VND)	·	9	19	4	4	3	6	5	4	4	5	7	8	3
Long-term liabilities (Bn. VND)	·	1,846	495	524	554	613	673	690	719	734	776	837	998	604
Long-term borrowings (Bn. VND)Net debt bridge	·	1,747	485	515	550	605	665	682	707	725	763	808	965	604
OWNER'S EQUITY(Bn.VND)	·	6,817	6,361	5,736	5,383	4,997	4,659	4,408	4,096	4,063	3,820	3,760	4,040	1,440
Capital and reserves (Bn. VND)	·	6,817	6,361	5,736	5,383	4,997	4,659	4,408	4,096	4,063	3,820	3,760	4,040	1,440
Paid-in capital (Bn. VND)	·	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	918
Other Reserves	·	53	53	63	70	70	70	73	73	73	73	73	73	0
Difference upon Assets Revaluation	·	−613	−613	−613	−613	−613	−613	−613	−613	−613	−613	−613	0	0
Investment and development funds (Bn. VND)	·	2,105	1,803	1,423	1,081	734	606	476	364	269	156	96	37	13
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	0	37
Undistributed earnings (Bn. VND)	·	1,212	1,044	844	835	808	651	583	426	535	492	463	255	324
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	364
TOTAL RESOURCES (Bn. VND)	·	9,914	8,494	7,079	6,615	6,103	5,811	5,785	5,468	5,260	5,129	5,321	5,520	3,048
Common shares (Bn. VND)	·	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	3,270	918
Good will (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	583	0
MINORITY INTERESTSNet debt bridge	·	792	805	749	740	728	675	620	577	530	443	473	405	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

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.68 · 29th pctile vs VN companies

YoY ▼ −0.31

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

0.638

GMI

0.816

AQI

1.277

SGI

1.052

DEPI

0.760

SGAI

1.105

TATA

0.039

LVGI

1.210

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.0347th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.8%32nd 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 trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.07

Safe Zone

Sharpe

1.00

Above 1

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 Burden0.78×Interest Burden1.09×Op. Margin0.42×Turnover0.28×Leverage1.45=ROE14.4%

Price Risk

Momentum

+46.6%

Volatility

35.4%

Max Drawdown

−23.5%

Key Ratios

Fiscal year 2025

16.96P/E

P/B: 2.32
P/S: 5.11
ROE: 14.2%
ROA: 8.9%
EPS: 2.518
BVPS: 18.428
Gross Margin: 46.8%
Net Margin: 36.1%
D/E: 0.26
Current Ratio: 2.45
Rev Growth: +5.2%
Profit Growth: +2.0%
EV/EBITDA: 11.78
Div Yield: 1.4%

Company Overview

Shares outstanding: 327M
Charter Capital: 3,270B 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 PHP. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Hàng hải Việt Nam

Inst

92.6%

303M

2026-06-30

Công đoàn công ty cổ phần Cảng Hải Phòng

Inst

0.2%

700,000

2014-12-31

Board & Management

Cao Trung Ngoan

Deputy General Director

Nguyễn Hùng Cường

Vice Head of Business department

Top connections

CCT99.0%CCR92.6%QNP92.6%CDN92.6%SGP92.6%VLG92.6%CPI92.6%VSA92.6%NAP92.6%VNA92.6%VOS92.6%NOS92.6%

Listed group

TUGCông ty Cổ phần Lai dắt và Vận tải Cảng Hải Phòng
Subsidiary: over 50% held
60.3%
2026-06-30
DVPCông ty Cổ phần Đầu tư và Phát triển Cảng Đình Vũ
Subsidiary: over 50% held
51.0%
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.

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

PHP among Construction

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Ownership network

Listed group

PHP among Construction