SAM

Công ty Cổ phần SAM Holdings

VietnamTechnologyCông nghệ Thông tinThiết bị và Phần cứngHOSECT

6.160

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+6.0%Calibrated value vs last close

Last close (VND): 6.160
Calibrated intrinsic value (VND): 6.532

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 model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

Also note

Trading liquidity is low.

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→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

0.713

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.23%

E/(D+E)

79.30%

Kd(1-t)

3.70%

D/(D+E)

20.70%

WACC

10.00%

Growth Estimate

fundamental firm blend5.00%

Growth decays 5%/yr toward terminal

Model Inputs

Max fair P/E→8x

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)→6.160

Calibrated value vs last close→+6.0%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

6.532

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

Discount rate (WACC)10.00%

Growth rate5.00%growth method: fundamental firm blend

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	2.0%	3.5%	5.0%	6.5%	8.0%
8.0%	7.450	7.450	7.450	7.450	7.450
9.0%	6.532	6.532	6.532	6.532	7.450
10.0%	6.532	6.532	6.532	6.532	6.532
11.0%	6.532	6.532	6.532	6.532	6.532
12.0%	6.532	6.532	6.532	6.532	6.532

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	2011	2010
CURRENT ASSETS (Bn. VND)	·	2,914	2,204	2,284	2,852	3,461	2,387	2,814	2,637	2,363	1,527	1,795	1,398	1,275	·	·
Cash and cash equivalents (Bn. VND)Net debt bridge	·	501	547	480	316	818	276	202	91	59	93	91	117	352	·	·
Short-term investments (Bn. VND)Net debt bridge	·	116	30	40	170	293	85	306	334	544	211	9	0	2	·	·
Accounts receivable (Bn. VND)	·	1,638	1,076	1,224	1,805	1,867	1,506	1,451	1,275	1,087	555	746	543	341	·	·
Prepayments to suppliers (Bn. VND)	·	260	108	8	419	53	19	94	44	19	21	38	102	93	·	·
Net Inventories	·	593	503	497	541	430	478	806	873	626	624	892	712	565	·	·
Inventories, Net (Bn. VND)	·	593	503	497	541	430	478	807	873	626	625	898	720	570	·	·
Other current assets	·	65	49	42	21	53	42	49	63	47	45	56	25	14	·	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	2	2	·	·
LONG-TERM ASSETS (Bn. VND)	·	4,257	4,172	4,308	4,385	4,083	3,282	2,397	2,419	1,970	2,138	1,758	1,834	1,708	·	·
Long-term trade receivables (Bn. VND)	·	165	120	30	62	235	88	50	124	160	151	156	0	0	·	·
Other long-term receivables (Bn. VND)	·	10	12	13	17	20	23	25	98	98	110	110	0	0	·	·
Fixed assets (Bn. VND)	·	588	613	665	686	722	737	774	815	831	909	660	1,258	1,123	·	·
Tangible fixed assets	·	558	582	634	655	690	703	729	770	792	870	601	241	225	·	·
Leased assets	·	0	0	0	0	0	0	10	8	0	0	0	0	0	·	·
Intagible fixed assets	·	30	31	30	31	33	34	36	36	39	39	59	60	62	·	·
Investment in properties	·	117	123	130	135	142	147	153	156	173	148	151	153	156	·	·
Long-term investments (Bn. VND)	·	2,116	2,128	2,198	2,272	1,585	1,533	1,217	1,146	651	760	294	299	306	·	·
Investments in associate companies	·	1,278	1,275	1,342	1,396	709	751	738	744	648	744	275	268	271	·	·
Other long-term assets (Bn. VND)	·	841	853	852	873	873	787	483	415	17	17	34	56	77	·	·
Less: Provision for diminuation in value of long term investments	·	−3	0	0	0	0	−14	−14	−14	−14	0	−15	−26	−43	·	·
Other non-current assets	·	68	74	80	74	101	22	27	54	44	34	12	124	124	·	·
Long-term prepayments (Bn. VND)	·	64	69	75	68	39	22	27	54	44	34	11	14	14	·	·
TOTAL ASSETS (Bn. VND)	·	7,171	6,376	6,592	7,237	7,544	5,669	5,211	5,056	4,333	3,665	3,553	3,231	2,983	·	·
LIABILITIES (Bn. VND)	·	2,406	1,695	1,986	2,634	2,948	2,201	2,326	2,235	1,665	1,198	1,090	756	485	·	·
Current liabilities (Bn. VND)	·	1,657	1,320	1,723	2,093	2,168	1,844	2,267	1,523	877	1,163	1,049	672	401	·	·
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,292	1,037	1,048	1,157	1,041	317	512	1,004	630	943	823	467	202	·	·
Advances from customers (Bn. VND)	·	107	25	49	15	22	25	42	40	20	15	7	18	24	·	·
Long-term liabilities (Bn. VND)	·	748	375	263	541	780	357	59	711	788	35	42	83	83	·	·
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	387	185	111	238	563	312	20	677	760	17	20	78	80	·	·
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	4,765	4,681	4,606	4,603	4,597	3,468	2,885	2,821	2,668	2,467	2,463	2,433	2,456	·	·
Capital and reserves (Bn. VND)	·	4,765	4,681	4,606	4,603	4,597	3,468	2,885	2,821	2,668	2,467	2,463	2,433	2,456	·	·
Paid-in capital (Bn. VND)	·	3,800	3,800	3,800	3,800	3,500	2,565	2,565	2,490	2,418	1,802	1,802	1,308	1,308	·	·
Other Reserves	·	39	39	39	41	41	32	15	0	0	0	0	0	0	·	·
Foreign Currency Difference reserve	·	0	0	−3	−2	0	0	0	0	0	0	0	0	0	·	·
Investment and development funds (Bn. VND)	·	9	9	9	12	12	12	12	9	9	157	156	104	104	·	·
Undistributed earnings (Bn. VND)	·	262	176	84	67	392	226	97	117	94	59	56	68	91	·	·
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	42	43	·	·
TOTAL RESOURCES (Bn. VND)	·	7,171	6,376	6,592	7,237	7,544	5,669	5,211	5,056	4,333	3,665	3,553	3,231	2,983	·	·
Short-term loans receivables (Bn. VND)	·	89	19	91	66	94	60	20	12	12	7	0	0	0	·	·
Long-term loans receivables (Bn. VND)	·	147	100	0	19	10	0	0	0	0	0	0	0	0	·	·
Common shares (Bn. VND)	·	3,800	3,800	3,800	3,800	3,500	2,565	2,565	2,490	2,418	1,802	1,802	1,308	1,308	·	·
Good will (Bn. VND)	·	4	5	5	6	61	0	0	0	0	0	0	0	0	·	·
MINORITY INTERESTSNet debt bridge	·	656	657	678	687	652	632	196	205	148	41	42	0	0	·	·

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

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

75th–90th

M −1.49 · 80th 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

1.004

GMI

1.478

AQI

0.917

SGI

1.517

DEPI

1.101

SGAI

0.682

TATA

0.065

LVGI

1.208

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −1.4712th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 7.1%74th 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.

SAM's Beneish M-Score is -1.4948 (80th percentile vs Vietnamese peers) with a year-over-year increase of +0.15, indicating accounting aggressiveness is higher than most domestic peers and has moved slightly in the last year. Earnings-quality components show weak cash conversion (0/100) and low revenue and margin quality (24.8/100 and 31.2/100) while receivables quality is strong (97.6/100); Altman Z‑Score is 1.98 (grey zone) and Piotroski F‑Score is 4/9 (neutral).

Red Flags

M‑Score -1.4948 (80th VN percentile; YoY change +0.15): the company scores more aggressively on the Beneish model than 80% of Vietnamese peers and the score has moved toward more aggressive territory year-on-year (note the -1.78 US cutoff is not directly calibrated to Vietnam).
Cash conversion (3‑year operating cash flow / net profit) = -1.47 (12th percentile among VN non-financials): reported profit is not converting into operating cash; cash conversion metric is very low.
Earnings Quality — Cash conversion component = 0.0/100 and Revenue quality = 24.8/100, Margin quality = 31.2/100: these scores point to weak cash realization and low-quality revenue and margins in the period measured.
Altman Z‑Score = 1.98 (grey zone): the distance from bankruptcy is limited by this metric, suggesting financial distress indicators are present compared with healthy firms.
Director‑deal registrations: net registered volume +4.84% of shares outstanding (one sale registration for 10,000,000 shares and four purchase registrations totaling 29,500,000 shares) — these are exchange registrations of intent and may reflect insider interest or portfolio activity but are not executed trades.

Positive Signals

Receivables quality = 97.6/100 and Receivables outside the trade cycle = 7.1% of total assets (74th percentile): receivables appear high quality and the proportion outside the trade cycle is moderate relative to peers, which supports the receivables-quality score.
Accruals quality = 74.1/100: accrual measures suggest accounting accruals are reasonably consistent with cash flows compared with peers.
No accumulated losses; owner's equity (excluding minority interest) is positive; parent profit shows 0 consecutive years of net loss up to FY2025: the statutory balance-sheet and profit-position indicators are not showing statutory distress triggers.
SGAI = 0.6817 (selling, general & administrative expense index below 1) and AQI = 0.9167 (asset quality index below 1): some expense and asset-quality indicators are better than the thresholds that often signal aggressive capitalization or expense manipulation.

Ownership Risk

A listed group holds control positions: an entity holds 85.7% of SLD (control) and 35.0% of DSP (significant influence), indicating concentrated group ownership. Top institutional shareholders are small (largest institutional stake 4.9%); director registration activity shows insider intent filings but these are registrations, not executed trades.

To check in the filings

Compare FY2025 operating cash flow and profit in the consolidated cash-flow statement and the notes to reconcile the -1.47 three‑year cash-conversion figure.
Inspect the notes and schedules for 'Loans and receivables', 'Prepayments to suppliers' and 'Other long‑term receivables' to verify the 7.1% of total assets classified as receivables outside the trade cycle.
Review the statement of changes in equity and the retained earnings / undistributed earnings note to confirm there are no accumulated losses and that owner's equity (excluding minority interest) is positive.
Check the director/shareholder disclosure filings and the exchange registration ledger (2025-10-30 to 2026-10-30) to match the 1 sale registration (10,000,000) and 4 purchase registrations (29,500,000) and to see any explanatory details or repeated registrant IDs.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.98

Grey Zone

Sharpe

−0.84

Negative

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 Burden0.77×Interest Burden1.01×Op. Margin0.02×Turnover0.85×Leverage1.50=ROE2.2%

Price Risk

Momentum

−9.6%

Volatility

12.3%

Max Drawdown

−29.9%

Key Ratios

Fiscal year 2025

25.69P/E

P/B: 0.60
P/S: 0.40
ROE: 2.4%
ROA: 1.4%
EPS: 254
BVPS: 10.815
Gross Margin: 3.4%
Net Margin: 1.7%
D/E: 0.35
Current Ratio: 1.76
Rev Growth: +51.3%
Profit Growth: +10.1%
EV/EBITDA: 43.17
Div Yield: —

Company Overview

Shares outstanding: 403M
Charter Capital: 4,028B 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 SAM. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ phần Chứng khoán Quốc Gia

Inst

4.9%

19.6M

2026-09-28

Tổng Công ty Cổ phần Bảo hiểm Hùng Vương

Inst

1.1%

4.6M

2026-06-30

Công ty Cổ phần Quản Lý Quỹ Bông Sen

Inst

0.2%

817,774

2023-12-31

Board & Management

Nguyễn Thanh Xuân

Spokesman

Hồ Anh Dũng

Vice Chairman of Management Board

Nguyễn Minh Tùng

Deputy General Director/Spokesman

Phương Xuân Thụy

Vice Chairman of Management Board

Trần Việt Anh

Member of Management Board/General Director

Hoàng Lê Sơn

Chairman of Management Board

Bùi Quang Bách

Internal auditor/Member of Management Board

Nguyễn Tiến Việt

Person in charge of Corporate governace

Võ Nữ Từ Anh

Chief Accountant

Top connections

PMJ51.0%POT50.0%PMT49.8%CKV49.0%PTP49.0%VTC46.7%KST33.9%TST32.8%VTE32.0%ICT31.4%PTO30.0%ABC28.3%

Listed group

SLDCông ty Cổ phần Địa Ốc Sacom
Subsidiary: over 50% held
85.7%
2026-03-31
DSPCông ty Cổ phần Dịch vụ Du lịch Phú Thọ
Associate: 20% or more held
35.0%
2026-03-31

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.

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 10,000,000 shares
Purchase registrations: 4 by 1 trader; 29,500,000 shares
Registered net, share of outstanding:: +4.84%

Công ty Cổ phần Chứng khoán Quốc Gia
Purchase · Institution
12,000,000
2026-08-24
Công ty Cổ phần Chứng khoán Quốc Gia
Sale · Institution
10,000,000
2026-07-22
Công ty Cổ phần Chứng khoán Quốc Gia
Purchase · Institution
2,500,000
2026-04-15
Công ty Cổ phần Chứng khoán Quốc Gia
Purchase · Institution
5,000,000
2026-01-22
Công ty Cổ phần Chứng khoán Quốc Gia
Purchase · Institution
10,000,000
2025-11-21

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

Also note

Valuation Breakdown

DCF Sensitivity

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

Ownership network

Listed group

Director-deal registrations · 12 months