THU

Công ty Cổ phần Môi trường và Công trình đô thị Thanh Hóa

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

10.300

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+36.3%Calibrated value vs last close

Last close (VND): 10.300
Calibrated intrinsic value (VND): 14.043

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→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)

60.50%

Kd(1-t)

4.27%

D/(D+E)

39.50%

WACC

10.00%

Growth Estimate

fundamental firm blend4.84%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→13.91B

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)→10.300

Calibrated value vs last close→+36.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

14.043

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

Discount rate (WACC)10.00%

Growth rate4.84%growth method: fundamental firm blend

Base cash flow13.9 tỷone 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	1.8%	3.3%	4.8%	6.3%	7.8%
8.0%	14.043	14.043	14.043	14.043	14.043
9.0%	14.043	14.043	14.043	14.043	14.043
10.0%	14.043	14.043	14.043	14.043	14.043
11.0%	14.043	14.043	14.043	14.043	14.043
12.0%	14.043	14.043	14.043	14.043	14.043

Above market priceBelow market priceCurrent estimate

THU among Consumer

Every stock in the sector, THU 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 THU. 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
CURRENT ASSETS (Bn. VND)	·	152	159	159	156	141	143	154	156	139	124	105	123
Cash and cash equivalents (Bn. VND)Net debt bridge	·	40	25	32	20	26	19	45	50	19	33	22	8
Short-term investments (Bn. VND)Net debt bridge	·	0	1.0	1	0	0	0	0	0	0	0	0	19
Accounts receivable (Bn. VND)	·	99	124	116	129	99	96	87	78	80	54	54	54
Prepayments to suppliers (Bn. VND)	·	0.6	1	0.7	1	5	0.4	0.4	1	4	1	0.4	1
Net Inventories	·	12	9	8	6	16	27	21	27	39	35	29	42
Inventories, Net (Bn. VND)	·	12	9	8	6	16	27	21	27	39	35	29	42
Other current assets	·	0.6	0.3	0.3	0.5	0.1	0.2	0.2	2	0.9	2	0.05	0.02
LONG-TERM ASSETS (Bn. VND)	·	8	10	13	18	16	22	29	34	42	46	54	32
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	2	0.00
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	2	0.00
Fixed assets (Bn. VND)	·	7	9	12	15	14	20	26	32	38	41	43	30
Tangible fixed assets	·	7	9	12	15	14	20	26	32	38	41	43	30
Other non-current assets	·	2	0.7	1	3	2	2	3	2	4	5	9	2
Long-term prepayments (Bn. VND)	·	2	0.7	1	3	2	2	3	2	4	5	9	2
TOTAL ASSETS (Bn. VND)	·	160	168	172	174	157	164	183	190	181	170	160	155
LIABILITIES (Bn. VND)	·	125	133	137	140	124	133	151	155	146	137	128	144
Current liabilities (Bn. VND)	·	85	90	91	92	74	83	99	105	92	81	69	83
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	6	6	10	15	8	4	8	12	12	10	5	13
Advances from customers (Bn. VND)	·	0.6	4	4	3	8	3	1	3	4	5	6	9
Long-term liabilities (Bn. VND)	·	40	44	46	48	50	50	52	50	54	56	59	61
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	15	17	20	23	34	37	42	41	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	35	35	35	34	33	31	32	35	35	33	32	11
Capital and reserves (Bn. VND)	·	36	36	36	35	34	33	33	37	36	34	33	12
Paid-in capital (Bn. VND)	·	33	33	33	33	33	33	33	33	33	33	26	6
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0.01	0.01
Investment and development funds (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	1	1
Undistributed earnings (Bn. VND)	·	3	3	3	2	1	0	0	4	3	1.0	5	4
Budget sources and other funds	·	−0.8	−0.8	−0.8	−0.8	−0.8	−2	−1	−2	−2	−1	−0.8	−0.6
Budget sources and other funds	·	−0.8	−0.8	−0.8	−0.8	−0.8	−2	−1	−2	−2	−1	−0.8	−0.6
TOTAL RESOURCES (Bn. VND)	·	160	168	172	174	157	164	183	190	181	170	160	155
Common shares (Bn. VND)	·	33	33	33	33	33	33	33	33	33	33	26	6

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 −2.24 · 54th pctile vs VN companies

YoY ▲ +0.14

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

0.737

GMI

1.067

AQI

2.689

SGI

1.081

DEPI

1.000

SGAI

1.000

TATA

−0.068

LVGI

0.983

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 4.3089th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.4%21st 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

8/9

Strong

Z-Score

2.70

Grey Zone

Sharpe

−0.43

Negative

Composite

50 to 69

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 Burden0.79×Interest Burden1.00×Op. Margin0.01×Turnover1.87×Leverage4.54=ROE8.7%

Price Risk

Momentum

−12.7%

Volatility

58.4%

Max Drawdown

−24.3%

Key Ratios

Fiscal year 2025

11.03P/E

P/B: 0.96
P/S: 0.11
ROE: 8.8%
ROA: 1.9%
EPS: 934
BVPS: 10.691
Gross Margin: 7.9%
Net Margin: 1.0%
D/E: 0.58
Current Ratio: 1.78
Rev Growth: +8.0%
Profit Growth: +4.7%
EV/EBITDA: 2.56
Div Yield: 6.0%

Company Overview

Shares outstanding: 3.3M
Charter Capital: 33.0B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Tư vấn & Hỗ trợ Kinh doanh
Sub-industry: Chất thải & Môi trường
Company Type: CT

Ownership network

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

Shareholders

Uỷ Ban Nhân Dân Tỉnh Thanh Hóa

State

52.4%

1.7M

2026-06-30

Tạ Diệp Chi

Indiv

20.2%

667,000

2026-08-20

Phạm Thị Yến

Indiv

15.0%

495,400

2026-08-20

Hồ Viết Lân

Indiv

2.2%

72,400

2026-06-30

Nguyễn Tiến Hải

Indiv

1.4%

46,400

2026-06-30

Trần Chính

Indiv

0.3%

9,700

2026-06-30

Nguyễn Thị Nga

Indiv

0.2%

7,600

2026-06-30

Nguyễn Thị Thanh Hương

Indiv

0.2%

6,000

2026-06-30

Board & Management

Nguyễn Tiến Hải1.4%

Spokesman

Trần Chính0.3%

Deputy Director

Phạm Thị Tuyết

Secretary of Management Board/Person in charge of Corporate governace

Nguyễn Minh Tuấn

Chairman of Management Board

Nguyễn Ngọc Sang

Deputy Director

Trương Thị Thanh Bình

Head of Supervisors Board

Top connections

THN63.6%

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 1 without a stated volume
Purchase registrations: 1 by 1 trader; 1 without a stated volume

Phạm Thị Yến
Purchase · Insider
—
2026-08-20
Tạ Diệp Chi
Sale · Related person
—
2026-08-20

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

Valuation Breakdown

DCF Sensitivity

THU 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

THU among Consumer