PMT

Công ty Cổ phần Viễn thông Telvina Việt Nam

VietnamTechnologyCông nghệ Thông tinThiết bị và Phần cứngUPCOMCT

8.500

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+6.0%Calibrated value vs last close

Last close (VND): 8.500
Calibrated intrinsic value (VND): 9.013

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

The closing price is too old for comparison.
Trading liquidity is below the comparison threshold.
The model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

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 31 Oct 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 2026Close date unavailableRecalculated when the displayed close changes.

Valuation Breakdown

CT→Công nghệ Thông tin→Technology

Classified as technology because ICB sector “Công nghệ Thông tin” maps to the technology group.

ModelDCF + P/E Blend

Intrinsic = 60% x DCF Value + 40% x (Fair P/E x EPS)

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

Why this model

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.

How it works

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.

Best for

Technology and IT companies where high growth potential must be balanced against the risk of speculative overvaluation.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

1.300

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

12.80%

E/(D+E)

99.87%

Kd(1-t)

5.40%

D/(D+E)

0.13%

WACC

12.79%

Growth Estimate

Sector Default8.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→12x

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)→8.500

Calibrated value vs last close→+6.0%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

9.013

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

Discount rate (WACC)12.79%

Growth rate8.00%growth method: default

Base cash flowone off strip ratio: 0

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth	5.0%	6.5%	8.0%	9.5%	11.0%
10.8%	9.013	9.013	9.013	9.013	9.013
11.8%	9.013	9.013	9.013	9.013	9.013
12.8%	8.982	9.013	9.013	9.013	9.013
13.8%	8.467	8.590	9.013	9.013	9.013
14.8%	8.467	8.467	8.467	8.976	9.013

Above market priceBelow market priceCurrent estimate

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	101	89	97	115	105	98	135	166	141	120	96	72	51
Cash and cash equivalents (Bn. VND)Net debt bridge	·	5	10	21	12	25	11	13	15	18	5	14	4	6
Short-term investments (Bn. VND)Net debt bridge	·	2	2	5	2	6	0.9	0.8	0.7	0.3	0.3	0.3	0	0
Accounts receivable (Bn. VND)	·	59	47	41	43	36	61	66	74	76	59	39	39	20
Prepayments to suppliers (Bn. VND)	·	0.1	0.1	0.01	0	0.1	0.04	0.00	0.5	1	0.01	1.0	0.02	0.01
Net Inventories	·	32	28	29	56	38	25	55	74	46	55	41	26	25
Inventories, Net (Bn. VND)	·	32	28	30	57	40	27	56	75	47	56	43	28	27
Other current assets	·	2	2	0.5	1	0.7	0.3	0.8	2	1.0	1.0	2	3	0.6
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	2	0.3
LONG-TERM ASSETS (Bn. VND)	·	10	9	7	8	10	13	19	23	27	32	38	42	46
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0	0.01	0.01	0.02	0	0	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	0	0.01	0.01	0.02	0	0	0
Fixed assets (Bn. VND)	·	9	8	7	8	9	13	18	23	27	32	38	42	45
Tangible fixed assets	·	5	3	2	3	4	8	13	18	21	26	32	36	39
Intagible fixed assets	·	4	4	4	5	5	5	5	5	5	6	6	6	6
Other non-current assets	·	0.8	1	0.5	0.5	0.5	0.6	1	0.6	0.04	0.09	0.01	0.2	0.5
Long-term prepayments (Bn. VND)	·	0.8	1	0.5	0.5	0.5	0.6	1	0.6	0.04	0.09	0.01	0.2	0.5
TOTAL ASSETS (Bn. VND)	·	111	98	104	123	115	111	154	189	168	152	134	114	97
LIABILITIES (Bn. VND)	·	33	22	25	43	33	29	73	110	90	77	60	42	12
Current liabilities (Bn. VND)	·	29	22	21	35	25	24	73	109	89	77	60	42	12
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0.1	0.1	0.1	0.2	0.2	0.2	40	60	55	33	34	10	0.4
Advances from customers (Bn. VND)	·	0.7	0.9	0.2	0.3	0.3	1	0.4	1	0.3	0.1	0.5	0.02	0.2
Long-term liabilities (Bn. VND)	·	4	0.5	4	8	8	5	0	0.5	0.5	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	78	76	79	80	82	82	81	79	78	75	74	72	85
Capital and reserves (Bn. VND)	·	78	76	79	80	82	82	81	79	78	75	74	72	85
Paid-in capital (Bn. VND)	·	50	50	50	50	50	50	50	50	50	50	50	50	50
Other Reserves	·	2	6	6	6	6	6	6	6	6	6	6	6	6
Investment and development funds (Bn. VND)	·	0	0	0	0	0	0	0	0	0	48	48	45	45
Undistributed earnings (Bn. VND)	·	2	−4	0.5	1	3	3	2	0.2	−0.9	−52	−53	−55	−42
TOTAL RESOURCES (Bn. VND)	·	111	98	104	123	115	111	154	189	168	152	134	114	97
Common shares (Bn. VND)	·	50	50	50	50	50	50	50	50	50	50	50	50	50

Earnings Quality

Fiscal year 2025

Weak

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

Remainder

M −2.55 · 36th pctile vs VN companies

YoY ▼ −1.18

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

1.156

GMI

0.454

AQI

0.582

SGI

1.085

DEPI

1.494

SGAI

1.481

TATA

0.052

LVGI

1.157

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.1%9th 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

4/9

Neutral

Z-Score

3.32

Safe Zone

Sharpe

0.86

Positive

Composite

Below 30

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 Burden1.00×Interest Burden0.98×Op. Margin0.01×Turnover1.72×Leverage1.43=ROE3.1%

Price Risk

Momentum

+0.0%

Volatility

52.7%

Max Drawdown

−9.7%

Key Ratios

Fiscal year 2025

17.46P/E

P/B: 0.54
P/S: 0.22
ROE: 3.1%
ROA: 2.3%
EPS: 487
BVPS: 15.773
Gross Margin: 14.1%
Net Margin: 1.3%
D/E: 0.00
Current Ratio: 3.50
EV/EBITDA: 10.85
Div Yield: —

Company Overview

Shares outstanding: 4.9M
Charter Capital: 49.4B VND
Sector (ICB L2): Công nghệ Thông tin
Industry (ICB L3): Thiết bị và Phần cứng
Sub-industry: Thiết bị viễn thông
Company Type: CT

Ownership network

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

Shareholders

Tập Đoàn Bưu Chính Viễn Thông Việt Nam

Inst

49.8%

2.5M

2026-06-30

Nguyễn Thúy Hà

Indiv

17.2%

850,000

2026-06-30

Nguyễn Thành Đồng

Indiv

5.0%

249,000

2026-08-19

Tô Chí Thành

Indiv

3.1%

152,300

2026-06-30

Đặng Mạnh Cường

Indiv

0.7%

37,300

2026-06-30

Trần Hữu Hồng Trường

Indiv

0.3%

15,000

2026-06-30

Bùi Hồng Ánh

Indiv

0.2%

10,264

2014-12-31

Nguyễn Ngọc Minh

Indiv

0.2%

10,247

2014-12-31

Nguyễn Văn Sơn

Indiv

0.2%

9,749

2010-06-11

Nguyễn Đình Thảo

Indiv

0.2%

9,577

2014-12-31

Nguyễn Thanh Mai

Indiv

0.1%

4,727

2016-05-06

Board & Management

Tô Chí Thành3.1%

Member of Management Board/General Director

Trần Hữu Hồng Trường0.3%

Member of Management Board

Nguyễn Hữu Thành

Head of Supervisors Board

Nguyễn Thị Bích Hiền

Chief Accountant

Nguyễn Thị Hoàng Lan

Person in charge of Corporate governace

Top connections

PMJ51.0%POT50.0%CKV49.8%PTP49.8%VTC49.8%KST49.8%TST49.8%VTE49.8%ICT49.8%PTO49.8%ABC49.8%HAS49.8%

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 1 by 1 trader; 1 without a stated volume

Nguyễn Thành Đồng
Purchase · Insider
—
2026-08-19

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

Why it needs review

Valuation Breakdown

DCF Sensitivity

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

Ownership network

Director-deal registrations · 12 months