PQN

Công ty Cổ phần Dịch vụ Dầu khí Quảng Ngãi PTSC

VietnamConstructionHàng & Dịch vụ Công nghiệpVận tảiUPCOMCT

4.000

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+26.5%Calibrated value vs last close

Last close (VND): 4.000
Calibrated intrinsic value (VND): 5.059

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 date of the last close could not be confirmed.
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 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→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→77.57B

Fair EV/EBITDA→4.0x

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)→4.000

Calibrated value vs last close→+26.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

5.059

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

Mid-cycle EBITDA77.6 tỷebitda source: own medianyears of data: 7

PQN among Construction

Every stock in the sector, PQN marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one stock in the sector; the amber bead with its stem is PQN. 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
CURRENT ASSETS (Bn. VND)	·	959	711	674	597	506	515	330	333	295
Cash and cash equivalents (Bn. VND)Net debt bridge	·	139	150	178	43	44	93	101	146	152
Short-term investments (Bn. VND)Net debt bridge	·	7	6	6	6	6	0	0	0	0
Accounts receivable (Bn. VND)	·	410	378	268	300	238	284	195	149	117
Prepayments to suppliers (Bn. VND)	·	37	22	30	17	22	16	13	10	12
Net Inventories	·	368	166	217	243	213	134	30	37	21
Inventories, Net (Bn. VND)	·	368	166	217	243	213	134	30	37	21
Other current assets	·	35	11	6	5	5	3	4	2	5
LONG-TERM ASSETS (Bn. VND)	·	328	293	287	312	346	401	435	440	466
Long-term trade receivables (Bn. VND)	·	14	14	14	14	14	14	14	12	12
Other long-term receivables (Bn. VND)	·	14	14	14	14	14	14	14	12	12
Fixed assets (Bn. VND)	·	134	158	167	193	232	277	293	332	369
Tangible fixed assets	·	129	157	165	191	231	277	293	332	369
Leased assets	·	0	0	0	0	0	0	0.2	0	0
Intagible fixed assets	·	6	1	2	2	1	0.1	0	0.3	0.3
Long-term investments (Bn. VND)	·	5	0	0	0	0	0	0	0	0
Other non-current assets	·	41	33	23	18	21	32	19	16	12
Long-term prepayments (Bn. VND)	·	41	33	23	18	20	32	19	16	12
TOTAL ASSETS (Bn. VND)	·	1,287	1,004	961	909	853	916	765	773	761
LIABILITIES (Bn. VND)	·	1,079	828	814	784	748	832	701	724	728
Current liabilities (Bn. VND)	·	680	446	455	425	389	473	342	365	369
Short-term borrowings (Bn. VND)Net debt bridge	·	6	4	0	0	0	0	0	0	0
Advances from customers (Bn. VND)	·	154	59	96	90	75	103	80	57	53
Long-term liabilities (Bn. VND)	·	399	383	359	359	359	359	359	359	359
Long-term borrowings (Bn. VND)Net debt bridge	·	41	24	0	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	208	176	147	125	104	85	64	49	33
Capital and reserves (Bn. VND)	·	208	176	147	125	104	85	64	49	33
Paid-in capital (Bn. VND)	·	300	300	300	300	300	300	300	300	300
Investment and development funds (Bn. VND)	·	5	5	5	5	5	5	5	5	5
Undistributed earnings (Bn. VND)	·	−97	−129	−157	−179	−200	−220	−241	−256	−272
TOTAL RESOURCES (Bn. VND)	·	1,287	1,004	961	909	853	916	765	773	761
Common shares (Bn. VND)	·	300	300	300	300	300	300	300	300	300

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

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.55 · 36th pctile vs VN companies

YoY ▼ −0.68

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

1.113

GMI

0.937

AQI

1.120

SGI

0.975

DEPI

0.854

SGAI

1.143

TATA

−0.012

LVGI

1.197

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.3980th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 3.9%61st pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.32×
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

6/9

Neutral

Z-Score

1.53

Distress Zone

Sharpe

0.00

Negative

Composite

70 and above

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 Burden0.80×Interest Burden1.09×Op. Margin0.02×Turnover1.21×Leverage6.19=ROE15.5%

Price Risk

Momentum

+0.0%

Volatility

0.0%

Max Drawdown

0.0%

Key Ratios

Fiscal year 2025

3.72P/E

P/B: 0.58
P/S: 0.08
ROE: 16.8%
ROA: 2.8%
EPS: 1.076
BVPS: 6.933
Gross Margin: 5.7%
Net Margin: 2.1%
D/E: 0.22
Current Ratio: 1.41
Rev Growth: −2.5%
Profit Growth: +18.1%
EV/EBITDA: 0.25
Div Yield: —

Company Overview

Shares outstanding: 30.0M
Charter Capital: 300B 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 PQN. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Cổ phần Dịch vụ Kỹ thuật Dầu khí Việt Nam

PVS

95.2%

28.6M

2026-06-30

Ngân hàng TNHH MTV Việt Nam Hiện đại

Inst

3.3%

1.0M

2026-06-30

Dương Hùng Văn

Indiv

0.2%

50,000

2022-12-31

Board & Management

Phạm Văn Hùng

Chairman of Management Board

Lê Hồng Phong

Member of Management Board/Director

Top connections

POS2 links PSN95.2%PSB95.2%PSP95.2%PVY95.2%PVR95.2%PVV16.7%POB11.0%CTX4.7%PVS3.3%PVX3.3%

Listed group

PVSTổng Công ty Cổ phần Dịch vụ Kỹ thuật Dầu khí Việt Nam
Parent: holds over 50%
95.2%
2026-06-30

Also held by PVS:POS PSB PSN PSP PVY

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

Why it needs review

Valuation Breakdown

PQN 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

PQN among Construction