SMN

Công ty Cổ phần Sách và thiết bị giáo dục Miền Nam

VietnamConsumerTruyền thôngHNXCT

5.500

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+1.4%Calibrated value vs last close

Last close (VND): 5.500
Calibrated intrinsic value (VND): 5.576

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.

Also note

Historical growth has declined.

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 29 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 30 Oct 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Truyền thông→Consumer

Classified as consumer because ICB sector “Truyền thông” 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

0.910

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.10%

E/(D+E)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

11.10%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→882.85M

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)→5.500

Calibrated value vs last close→+1.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

5.576

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

Discount rate (WACC)11.10%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow882.8 triệuone 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	1.0%	2.5%	4.0%	5.5%	7.0%
9.1%	5.875	5.875	5.875	5.875	5.875
10.1%	5.875	5.875	5.875	5.875	5.875
11.1%	5.576	5.576	5.783	5.875	5.875
12.1%	5.576	5.576	5.576	5.576	5.576
13.1%	5.576	5.576	5.576	5.576	5.576

Above market priceBelow market priceCurrent estimate

SMN among Consumer

Every stock in the sector, SMN 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 SMN. 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
CURRENT ASSETS (Bn. VND)	·	114	72	68	78	111	63	56	65	53	49	49	50	56
Cash and cash equivalents (Bn. VND)Net debt bridge	·	8	11	8	16	14	16	11	15	6	5	20	4	3
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	2	0	0	0	0	0	0	0	0.5
Accounts receivable (Bn. VND)	·	14	23	33	37	57	24	28	24	19	22	13	23	8
Prepayments to suppliers (Bn. VND)	·	0	0.04	6	0	6	0.4	0.08	0.9	0.2	0.6	0.05	0.02	0.05
Net Inventories	·	90	38	26	25	36	23	16	23	27	21	15	22	45
Inventories, Net (Bn. VND)	·	107	41	30	28	39	24	17	24	27	22	16	22	45
Other current assets	·	2	0.6	0.6	0.7	2	0.8	0.9	3	1	0.5	0.4	0.2	0.4
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.2
LONG-TERM ASSETS (Bn. VND)	·	28	29	30	31	31	33	30	24	37	36	33	21	20
Long-term trade receivables (Bn. VND)	·	15	15	15	15	15	15	15	15	15	15	17	17	0
Other long-term receivables (Bn. VND)	·	15	15	15	15	15	15	15	15	15	15	17	17	0
Fixed assets (Bn. VND)	·	1	1	2	3	3	4	1	2	1	1	13	0.6	1.0
Tangible fixed assets	·	1	1	2	3	3	4	1	2	1	1	0.3	0.6	1.0
Intagible fixed assets	·	0	0	0	0	0	0	0	0	0	0	12	0	0
Investment in properties	·	0	0	0	0	0	0	0	0	12	12	0	0	0
Long-term investments (Bn. VND)	·	3	3	3	3	3	3	5	7	7	7	3	3	18
Investments in associate companies	·	3	3	3	3	3	3	3	3	3	3	3	3	3
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	2	4	4	4	0	0	15
Less: Provision for diminuation in value of long term investments	·	−0.5	0	0	0	0	0	−0.5	−0.4	−0.06	0	0	0	−0.07
Other non-current assets	·	9	9	9	10	10	11	9	0.8	1	0.3	0.3	0.02	0.07
Long-term prepayments (Bn. VND)	·	9	9	9	10	10	11	9	0.8	1	0.3	0.3	0.02	0.07
TOTAL ASSETS (Bn. VND)	·	141	101	98	109	142	97	86	89	90	85	82	70	76
LIABILITIES (Bn. VND)	·	66	22	19	32	68	26	18	25	29	27	26	16	27
Current liabilities (Bn. VND)	·	66	22	19	32	68	26	18	25	28	27	26	16	27
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	0	0	0	0	0	1	0
Advances from customers (Bn. VND)	·	0.05	0.3	0.4	0.7	9	1	1	1	0.3	0.9	2	0.3	0.2
Long-term liabilities (Bn. VND)	·	0	0	0	0	0	0	0	0	0.2	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	75	80	79	77	74	71	68	65	61	58	56	55	49
Capital and reserves (Bn. VND)	·	75	80	79	77	74	71	68	65	61	58	56	55	49
Paid-in capital (Bn. VND)	·	44	44	44	44	44	44	44	44	44	44	44	44	44
Investment and development funds (Bn. VND)	·	31	30	28	28	25	23	20	10	9	8	7	5	3
Undistributed earnings (Bn. VND)	·	0.5	6	6	5	5	4	4	11	9	6	5	6	1.0
TOTAL RESOURCES (Bn. VND)	·	141	101	98	109	142	97	86	89	90	85	82	70	76
Short-term loans receivables (Bn. VND)	·	0	0	0	2	0	0	2	0	0	0	1	12	0
Common shares (Bn. VND)	·	44	44	44	44	44	44	44	44	44	44	44	44	44

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 −3.34 · 8th pctile vs VN companies

YoY ▼ −0.70

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

0.845

GMI

1.127

AQI

0.687

SGI

0.718

DEPI

1.000

SGAI

0.987

TATA

−0.004

LVGI

2.192

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.1524th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 10.5%82nd 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

4/9

Neutral

Z-Score

3.23

Safe Zone

Sharpe

−1.83

Negative

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 Burden0.57×Interest Burden1.50×Op. Margin0.00×Turnover2.36×Leverage1.88=ROE1.0%

Price Risk

Momentum

−46.7%

Volatility

65.3%

Max Drawdown

−58.3%

Key Ratios

Fiscal year 2025

33.10P/E

P/B: 0.32
P/S: 0.07
ROE: 0.9%
ROA: 0.6%
EPS: 166
BVPS: 17.102
Gross Margin: 12.6%
Net Margin: 0.2%
D/E: 0.00
Current Ratio: 1.72
Rev Growth: −28.4%
Profit Growth: −62.4%
EV/EBITDA: 8.37
Div Yield: 20.0%

Company Overview

Shares outstanding: 4.4M
Charter Capital: 44.0B VND
Sector (ICB L2): Truyền thông
Industry (ICB L3): Truyền thông
Sub-industry: Sách, ấn bản & sản phẩm văn hóa
Company Type: CT

Ownership network

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

Shareholders

Công ty TNHH MTV Nhà Xuất Bản Giáo Dục Việt Nam

Inst

53.1%

2.3M

2026-06-30

Phạm Văn Hồng

Indiv

1.1%

50,500

2017-12-31

Đỗ Thị Kim Anh

Indiv

1.1%

47,000

2025-03-13

Nguyễn Thị Thu

Indiv

0.6%

25,500

2018-12-31

Đỗ Thành Lâm

Indiv

0.5%

21,000

2019-12-31

ĐỖ THỊ MAI ANH

Indiv

0.4%

15,500

2025-02-25

Nguyễn Trường Quang

Indiv

0.1%

6,000

2017-12-31

Dương Vân Nhung

Indiv

0.1%

5,500

2020-12-31

Vũ Bùi Biển

Indiv

0.1%

5,000

2018-12-31

Board & Management

ĐỖ THỊ MAI ANH0.4%

Chairman of Management Board

Phạm Ngọc Anh Tài

Secretary of Management Board/Person in charge of Corporate governace

Top connections

STC53.1%NBE53.1%SED53.1%DAD53.1%EID53.1%ADC53.1%DAE53.1%EBS53.1%ECI53.1%SGD53.1%HEV53.1%HTP53.1%

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 70,200 shares
Purchase registrations: None
Registered net, share of outstanding:: −1.59%

BCH Công đoàn CTCP Sách và Thiết bị Giáo dục Miền Nam
Sale · Institution
70,200
2025-12-18

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

SMN among Consumer

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

SMN among Consumer