PPY

Công ty Cổ phần Xăng dầu dầu khí Phú Yên

VietnamUtilitiesĐiện, nước & xăng dầu khí đốtNước & Khí đốtHNXCT

6.600

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+16.2%Calibrated value vs last close

Last close (VND): 6.600
Calibrated intrinsic value (VND): 7.672

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→Điện, nước & xăng dầu khí đốt→Utility

Classified as utility because ICB sector “Điện, nước & xăng dầu khí đốt” maps to the utility group.

Model3-Stage DDM

Value = Sum of [DPS x (1+g)^t / (1+Ke)^t] + Terminal Dividend / (Ke - g_terminal)

The Dividend Discount Model values a stock based on its future dividend payments, discounted to present value. The 3-stage variant captures three phases of a company's life: high growth (years 1-3), a transition period where growth declines linearly (years 4-6), and a terminal stage of stable, perpetual growth (year 7+).

Technical details

Why this model

Regulated utilities have capped growth but high, stable dividend payouts. DDM is the canonical valuation method when dividends are the primary return to shareholders. Many utilities follow stated or regulated payout policies, so actual dividends are a direct input.

How it works

Uses the median cash dividend of the last 3 years from corporate events; a company with no dividend record gets 50% of its median EPS. 3 stages: high growth (3yr at estimated rate), transition (3yr linear decay), terminal (perpetual at the sector's long-run growth rate). Discounts at cost of equity (CAPM). A payout above 40% of earnings is needed for high model reliability.

Best for

Regulated utilities, power companies, and water suppliers with stable, predictable dividend policies.

Cost of Equity (Ke)

Risk-Free (Rf)

4.36%

Betasector default

0.820

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.70%

Growth Estimate

fundamental equity blend3.50%

Model Inputs

DPS source:Actual dividends

DPS→466

Payout ratio→61.5%

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)→6.600

Calibrated value vs last close→+16.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

7.672

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

Growth rate3.50%growth method: fundamental equity blend

Dividend per share466dps source: eventspayout ratio: 61.55

PPY among Utilities

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

Feeds valuation:GrowthModel inputs

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	110	172	215	161	128	102	97	88	119	124	111	79	165
Cash and cash equivalents (Bn. VND)	·	10	4	13	9	3	2	2	4	3	0.2	0.7	0.4	0.6
Accounts receivable (Bn. VND)	·	65	89	90	110	72	62	68	62	61	63	57	65	87
Prepayments to suppliers (Bn. VND)	·	0.3	1	1	12	0.2	0.8	1.0	0.2	0.6	0.2	2	15	0.3
Net Inventories	·	29	78	110	42	53	36	24	21	52	59	53	13	73
Inventories, Net (Bn. VND)	·	29	78	112	43	53	36	24	22	52	59	56	13	73
Other current assets	·	6	0.3	3	0.7	0.7	2	4	1	3	2	0.01	0.8	5
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.6
LONG-TERM ASSETS (Bn. VND)	·	192	180	182	144	132	120	125	117	106	65	44	48	38
Fixed assets (Bn. VND)	·	131	131	94	91	84	80	84	79	73	41	29	29	24
Tangible fixed assets	·	105	104	66	62	56	50	54	49	42	31	22	23	17
Intagible fixed assets	·	26	27	28	29	28	29	29	30	31	10	6	6	6
Long-term investments (Bn. VND)	·	9	9	9	9	9	9	9	9	9	9	9	9	9
Investments in associate companies	·	9	9	9	9	9	9	9	9	9	9	9	9	9
Other non-current assets	·	46	37	37	40	34	27	31	28	21	14	6	9	5
Long-term prepayments (Bn. VND)	·	45	34	35	37	32	26	31	28	21	14	6	7	5
TOTAL ASSETS (Bn. VND)	·	303	352	397	305	260	222	222	205	225	189	155	127	204
LIABILITIES (Bn. VND)	·	153	194	241	144	123	92	93	84	113	73	45	24	111
Current liabilities (Bn. VND)	·	116	160	207	131	95	81	83	84	113	73	45	24	111
Short-term borrowings (Bn. VND)	·	10	7	6	3	2	0	0	0	0	2	0	0	50
Advances from customers (Bn. VND)	·	10	6	4	3	2	2	0.08	0.8	0.7	0.6	1	1	0.3
Long-term liabilities (Bn. VND)	·	37	34	34	14	27	11	10	0	0	0	0	0	0
Long-term borrowings (Bn. VND)	·	37	34	34	14	27	11	10	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	150	158	156	160	138	131	129	120	111	115	109	102	93
Capital and reserves (Bn. VND)	·	150	158	156	160	138	131	129	120	111	115	109	102	93
Paid-in capital (Bn. VND)	·	93	93	93	93	87	82	82	82	82	82	82	82	82
Investment and development funds (Bn. VND)	·	49	47	45	42	36	34	29	25	21	19	16	12	4
Undistributed earnings (Bn. VND)	·	8	18	17	25	15	14	17	13	8	13	11	8	3
TOTAL RESOURCES (Bn. VND)	·	303	352	397	305	260	222	222	205	225	189	155	127	204
Common shares (Bn. VND)	·	93	93	93	93	87	82	82	82	82	82	82	82	82

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.83 · 21st pctile vs VN companies

YoY ▼ −0.15

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

0.791

GMI

1.040

AQI

1.445

SGI

0.926

DEPI

0.830

SGAI

0.980

TATA

−0.065

LVGI

0.916

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.8884th pctile
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.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

13.78

Safe Zone

Sharpe

0.20

Positive

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 Burden0.42×Interest Burden−0.43×Op. Margin0.00×Turnover13.64×Leverage2.02=ROE0.9%

Price Risk

Momentum

+18.1%

Volatility

38.7%

Max Drawdown

−18.8%

Key Ratios

Fiscal year 2025

70.99P/E

P/B: 0.62
P/S: 0.02
ROE: 0.8%
ROA: 0.4%
EPS: 140
BVPS: 16.041
Gross Margin: 3.9%
Net Margin: 0.0%
D/E: 0.31
Current Ratio: 0.95
Rev Growth: −7.4%
Profit Growth: −88.7%
EV/EBITDA: 25.01
Div Yield: 7.1%

Company Overview

Shares outstanding: 14.0M
Charter Capital: 140B VND
Sector (ICB L2): Điện, nước & xăng dầu khí đốt
Industry (ICB L3): Nước & Khí đốt
Sub-industry: Phân phối xăng dầu & khí đốt
Company Type: CT

Ownership network

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

Shareholders

Tổng Công ty Dầu Việt Nam

Inst

67.1%

6.3M

2024-12-31

Đỗ Tiến Cường

Indiv

8.8%

826,356

2024-12-31

Lê Thị Liên

Indiv

6.2%

581,185

2024-12-31

Nguyễn Văn Mạnh

Indiv

4.2%

362,600

2022-03-01

Board & Management

Võ Nguyên Hợp

Deputy Director

Võ Thị Kim Hoa

Member of Supervisors Board

Nguyễn Thị Hồng Phương

Chief Accountant

Top connections

PEG94.5%POB68.0%PVO67.1%PND67.1%POV67.1%TMC67.1%COM67.1%PTV67.1%CMV67.1%PAI11.8%PXA3.5%PDC3.4%

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

PPY among Utilities

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

PPY among Utilities

Ownership network