PVM

Công ty Cổ phần Máy - Thiết bị Dầu khí

VietnamConsumerHàng & Dịch vụ Công nghiệpTư vấn & Hỗ trợ Kinh doanhUPCOMCT

18.000

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+11.9%Calibrated value vs last close

Last close (VND): 18.000
Calibrated intrinsic value (VND): 20.135

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.
The model uses profit in place of cash flow, which was not available.

Also note

A release of working capital contributes to cash flow.

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 27 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 2026Anchored to close on 28 Oct 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Tư vấn & Hỗ trợ Kinh doanh→Consumer

Classified as consumer because ICB sector “Tư vấn & Hỗ trợ Kinh doanh” maps to the consumer group.

ModelFCF-Based DCF

Intrinsic = 70% x DCF Value + 30% x (Fair P/E x EPS)

A Discounted Cash Flow model built on Free Cash Flow (FCF), the cash a business generates after operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted to today's value using WACC. The DCF value is blended 70/30 with a value from the company's own historical P/E.

Technical details

Why this model

Consumer staples/retail generate steady, predictable free cash flows, making them ideal for DCF. The time value of money principle means a dollar today is worth more than a dollar tomorrow. DCF captures this by discounting future cash flows at a rate reflecting the investment's risk (WACC).

How it works

Takes 3-year median FCF as the base. Estimates growth via ROIC x reinvestment rate (Damodaran framework), falling back to historical revenue growth. Projects 10 years with decay toward the sector's long-run growth rate. Discounts at CAPM-derived WACC. Blends 70% of the DCF value with 30% of a P/E value: the company's 5-year median P/E, held between 5x and 25x, times EPS.

Best for

Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

1.000

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.49%

E/(D+E)

67.70%

Kd(1-t)

5.28%

D/(D+E)

32.30%

WACC

10.00%

Growth Estimate

historical blend12.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→73.07B

Projection years→10

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)→18.000

Calibrated value vs last close→+11.9%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

20.135

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

Discount rate (WACC)10.00%

Growth rate12.00%growth method: historical blend

Base cash flow73.1 tỷone off strip ratio: 0.05

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	9.0%	10.5%	12.0%	13.5%	15.0%
8.0%	21.019	21.019	21.019	22.102	22.102
9.0%	20.177	20.177	21.019	21.019	21.019
10.0%	20.135	20.135	20.135	20.177	20.643
11.0%	19.226	19.226	20.135	20.135	20.135
12.0%	19.226	19.226	19.226	19.226	20.135

Above market priceBelow market priceCurrent estimate

PVM among Consumer

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

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2010
CURRENT ASSETS (Bn. VND)	·	949	961	812	495	505	412	363	386	465	462	653	545	662	747
Cash and cash equivalents (Bn. VND)Net debt bridge	·	201	21	24	50	65	65	26	29	40	125	103	44	29	159
Short-term investments (Bn. VND)Net debt bridge	·	107	112	80	80	131	198	153	109	84	0	0	0	0	0
Accounts receivable (Bn. VND)	·	577	744	535	282	240	75	92	163	292	279	342	447	540	392
Prepayments to suppliers (Bn. VND)	·	154	85	85	41	8	16	19	6	6	3	16	39	24	24
Net Inventories	·	60	78	159	78	63	67	84	79	48	57	189	46	81	145
Inventories, Net (Bn. VND)	·	61	79	159	79	65	69	90	79	49	57	189	46	81	148
Other current assets	·	4	6	15	6	5	7	7	7	1	1	20	8	11	50
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	4	6	30
LONG-TERM ASSETS (Bn. VND)	·	290	194	294	288	310	295	288	282	274	276	161	184	263	409
Long-term trade receivables (Bn. VND)	·	2	38	58	2	12	3	3	3	1	1	1	0	0	4
Other long-term receivables (Bn. VND)	·	2	38	38	2	12	1	1	1	1	1	1	0	0	4
Fixed assets (Bn. VND)	·	149	70	64	53	54	55	53	48	35	36	27	27	87	14
Tangible fixed assets	·	137	58	52	40	26	27	29	24	10	11	13	13	52	11
Intagible fixed assets	·	12	12	12	13	28	29	24	25	25	25	14	14	35	0.08
Investment in properties	·	0	0	0	0	0	0	0	0.03	0.2	0.3	4	15	19	1.0
Long-term investments (Bn. VND)	·	79	54	142	185	185	185	182	186	186	187	72	73	75	338
Investments in associate companies	·	25	0	104	0	0	0	0	0.4	0.7	0.9	0.8	0.8	0.8	252
Other long-term assets (Bn. VND)	·	59	59	44	189	189	189	189	189	189	189	75	75	78	88
Less: Provision for diminuation in value of long term investments	·	−5	−5	−5	−4	−4	−4	−7	−4	−3	−3	−3	−3	−3	−2
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	14	24	0.1
Other non-current assets	·	8	11	13	42	44	52	50	45	50	51	56	55	58	52
Long-term prepayments (Bn. VND)	·	8	11	13	42	44	50	46	39	41	40	44	54	57	52
TOTAL ASSETS (Bn. VND)	·	1,239	1,156	1,106	782	815	707	652	668	739	738	814	729	925	1,156
LIABILITIES (Bn. VND)	·	533	467	437	273	315	215	176	217	280	286	370	299	479	697
Current liabilities (Bn. VND)	·	512	430	382	260	300	207	168	207	278	285	361	284	460	697
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	329	326	168	169	136	136	100	112	106	121	205	151	183	338
Advances from customers (Bn. VND)	·	28	3	7	10	6	17	18	13	5	2	32	26	24	33
Long-term liabilities (Bn. VND)	·	21	37	55	13	15	8	9	10	1	0.4	10	15	19	0.4
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	7	12	8	13	15	8	8	9	1.0	0	2	11	16	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	705	689	669	510	500	492	475	451	459	452	444	408	399	455
Capital and reserves (Bn. VND)	·	705	689	669	510	500	492	475	451	459	452	444	408	399	455
Paid-in capital (Bn. VND)	·	386	386	386	386	386	386	386	386	386	386	386	386	386	386
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	0	0.1	0
Investment and development funds (Bn. VND)	·	19	19	19	19	19	19	19	19	17	16	15	8	8	0
Undistributed earnings (Bn. VND)	·	153	147	129	77	70	61	44	20	31	25	18	7	−3	69
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	22	46	3
TOTAL RESOURCES (Bn. VND)	·	1,239	1,156	1,106	782	815	707	652	668	739	738	814	729	925	1,156
Short-term loans receivables (Bn. VND)	·	62	221	85	25	0	0	0	0	0	0	0	0	0	0
Long-term loans receivables (Bn. VND)	·	0	0	20	0	0	0	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	386	386	386	386	386	386	386	386	386	386	386	386	386	386
Good will (Bn. VND)	·	0	0	0	0	0	2	4	6	8	10	12	0	0	0
MINORITY INTERESTSNet debt bridge	·	147	136	135	27	25	26	26	25	25	24	23	0	0	0

◆vnvalue Research Note

Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

Earnings Quality

Fiscal year 2025

Good

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 −2.90 · 18th pctile vs VN companies

YoY ▼ −1.35

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

0.778

GMI

0.834

AQI

1.057

SGI

0.997

DEPI

1.598

SGAI

1.259

TATA

−0.031

LVGI

1.098

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −1.8710th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 17.5%89th 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

6/9

Neutral

Z-Score

3.04

Safe Zone

Sharpe

0.43

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 Burden1.00×Interest Burden1.12×Op. Margin0.02×Turnover1.53×Leverage1.76=ROE4.8%

Price Risk

Momentum

+22.1%

Volatility

30.7%

Max Drawdown

−12.5%

Key Ratios

Fiscal year 2025

20.25P/E

P/B: 1.25
P/S: 0.37
ROE: 6.2%
ROA: 2.9%
EPS: 889
BVPS: 14.457
Gross Margin: 5.5%
Net Margin: 1.8%
D/E: 0.48
Current Ratio: 1.85
Rev Growth: −0.3%
Profit Growth: −35.8%
EV/EBITDA: —
Div Yield: 3.3%

Company Overview

Shares outstanding: 38.6M
Charter Capital: 386B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Tư vấn & Hỗ trợ Kinh doanh
Sub-industry: Nhà cung cấp thiết bị
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Lê Thị Kiều Vân

Indiv

18.1%

7.0M

2026-06-30

Nguyễn Anh Thu

Indiv

16.9%

6.5M

2024-12-31

Board & Management

Lê Thị Kiều Vân18.1%

Head of Supervisors Board

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

PVM among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

PVM among Consumer