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Công ty Cổ phần Dịch vụ Kỹ thuật Viễn thông

VietnamTechnologyCông nghệ Thông tinPhần mềm & Dịch vụ Máy tínhUPCOMCT
10.100
VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
−0.4%Calibrated value vs last close
Last close (VND)
10.100
Calibrated intrinsic value (VND)
10.061

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. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 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.
  • Under financial distress the model falls back to book value.

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.

Model reliability
Very 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.

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.

1
Weighted Avg Cost of Capital
2
Model Inputs
3
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)→10.100
Calibrated value vs last close→−0.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
10.061
What feeds each step— click a source to highlight it in the statements
Discount rate (WACC)12.39%
Growth rate
Base cash flow
Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation
Line item2026202520242023202220212020201920182017201620152014201320112010
CURRENT ASSETS (Bn. VND)
·7873173198238231251217235161148120113··
Cash and cash equivalents (Bn. VND)Net debt bridge
·0.080.320.7947487578··
Short-term investments (Bn. VND)Net debt bridge
·0000000000003··
Accounts receivable (Bn. VND)
·70651171201511541811711921241159280··
Prepayments to suppliers (Bn. VND)
·22463231.021921··
Net Inventories
·77527676726342352927218··
Inventories, Net (Bn. VND)
·99557878746543363028218··
Other current assets
·11111.00.70.90.60.810.90.514··
Other current assets (Bn. VND)
·00000000000014··
LONG-TERM ASSETS (Bn. VND)
·19162247485150555554616169··
Long-term trade receivables (Bn. VND)
·0.070.070.070.070.070.070.070.070.10.10.20.090··
Other long-term receivables (Bn. VND)
·0.0700.070.070.070.070.070.070.10.10.20.090··
Fixed assets (Bn. VND)
·10.9627293131333435403944··
Tangible fixed assets
·0.40.66791111131415151516··
Intagible fixed assets
·0.60.30.320202020202020252525··
Long-term investments (Bn. VND)
·14141418181818191817191918··
Investments in associate companies
·14141418181818181716141313··
Other long-term assets (Bn. VND)
·5555555666666··
Less: Provision for diminuation in value of long term investments
·−5−5−5−5−5−5−5−5−5−5−0.4−0.4−0.4··
Other non-current assets
·300.50.50.70.90.02212117··
Long-term prepayments (Bn. VND)
·300.50.50.70.90.02212117··
TOTAL ASSETS (Bn. VND)
·9789195244286282302271290216209181181··
LIABILITIES (Bn. VND)
·69591251661801751951651841061027677··
Current liabilities (Bn. VND)
·69591251661801741941631821041017476··
Short-term borrowings (Bn. VND)Discount rate (WACC) +1
·719224338474351232686··
Advances from customers (Bn. VND)
·0.50.510.30.3210.8291.00.91··
Long-term liabilities (Bn. VND)
·0.10.10.10.10.10.70.8122110.7··
Long-term borrowings (Bn. VND)Discount rate (WACC) +1
·000000.60.6122000··
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)
·2730697810610710610710611010710688··
Capital and reserves (Bn. VND)
·2730697810610710610710611010710688··
Paid-in capital (Bn. VND)
·48484848484848484848484848··
Investment and development funds (Bn. VND)
·0.10.1222222279119··
Other Reserves
·0.040.040.10.10.10.10.10.10.10.10.10.11··
Undistributed earnings (Bn. VND)
·−53−51−31−2266666−13−17−20−22··
Minority Interest
·00000000000017··
TOTAL RESOURCES (Bn. VND)
·9789195244286282302271290216209181181··
Common shares (Bn. VND)
·48484848484848484848484848··
MINORITY INTERESTSNet debt bridge
·00181818181818181817170··
◆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
34
Weak
Accrual Quality
35
Cash Conversion
0
Receivables
100
Margin Stability
0

Financial Forensics

Beneish M-Score · 2025
90th–97th
M 1.32 · 96th pctile vs VN companies
YoY ▲ +0.96
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
0.212
GMI
0.582
AQI
1.093
SGI
5.073
DEPI
1.619
SGAI
0.289
TATA
0.193
LVGI
1.081

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
2.2%51st pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
1.11×Statutory test met
Consecutive years of net lossProfit after tax of the parent
5Statutory test met
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.

The company shows multiple accounting signals consistent with aggressive accounting relative to Vietnamese peers: a Beneish M-Score of 1.3152 (96th percentile versus Vietnam peers; year-over-year change +0.96) and an extremely high SGI of 5.0727 (measures sales growth index). At the same time there are offsetting strengths: receivables quality is 100.0% and receivables outside the trade cycle are modest at 2.2% of total assets (50th percentile). The statements also show financial distress features (Altman Z-Score -0.33) and repeated statutory loss outcomes (accumulated losses > paid-in capital and five consecutive years of parent net loss).

Red Flags
  • Beneish M-Score = 1.3152. The M-Score is a composite that estimates the likelihood of earnings manipulation; this level is above the US -1.78 threshold and sits at the 96th Vietnam peer percentile (higher = more aggressive accounting versus VN peers). Year-over-year M-Score change = +0.96, indicating accounting metrics have shifted materially in the last year.
  • SGI (Sales Growth Index) = 5.0727. SGI measures year-over-year sales growth; a value this large signals very rapid reported revenue growth (or a small prior-year base) which is one of the inputs that can pressure accounting choices.
  • Cash conversion (Earnings Quality subscore) = 0.0/100 and Margin quality = 0.0/100. Cash conversion measures how much reported earnings convert into operating cash flow; 0.0 indicates near-complete non-conversion of reported profit into cash in the scoring framework used here. Margin quality = 0.0 signals deterioration or inconsistency in gross/operating margins relative to peers or history.
  • Altman Z-Score = -0.33 (distress zone). The Altman Z-Score is a structural bankruptcy-distance measure; a negative score is consistent with elevated financial distress risk in the score’s framework.
  • Statutory loss outcomes: the audited statements show accumulated losses above paid-in capital and losses in each of the latest 3 years. Although the Decree 155/2020 statutory delisting test applies to HOSE/HNX and not UPCoM, the published statements meet the numeric criteria referenced by the rule.
  • Accumulated losses = 1.11× paid-in capital. This is an absolute measure from the balance sheet showing retained/accumulated losses exceed contributed capital by 11% of paid-in capital.
  • Net loss (parent profit) in 5 consecutive years up to FY2025. This is a multi-year operating loss record in the published parent financials.
  • DEPI (Depreciation Index) = 1.6188. DEPI > 1 implies depreciation expense has fallen relative to prior year gross PPE (or the implied rate has fallen), which can increase reported profits via lower periodic depreciation charge and is one of Beneish’s manipulation signals.
  • LVGI (Leverage Growth Index) = 1.0806. LVGI > 1 indicates leverage has increased year-over-year, which can interact with other stress signals.
Positive Signals
  • Receivables quality = 100.0/100. This component measures the quality of receivables; a perfect score indicates no detected issues in the receivables profile used by the earnings-quality model.
  • Receivables outside the trade cycle = 2.2% of total assets (50th percentile). The check quantifies prepayments to suppliers, loans receivable and other long-term receivables; 2.2% is a modest absolute level and median among Vietnamese non-financials.
  • DSRI (Days’ Sales Receivable Index) = 0.2125. DSRI measures whether receivables are growing faster than sales; a value well below 1 suggests receivables have not ballooned relative to sales in the year measured.
  • GMI (Gross Margin Index) = 0.5818. GMI < 1 implies gross margins improved year-over-year (the index compares prior-to-current gross margin), which is a favorable signal in the Beneish components.
  • TATA (Total Accruals to Total Assets) = 0.1930. TATA measures accruals relative to assets; a relatively low positive value indicates accruals are not extremely large in proportion to assets compared with manipulative patterns.
  • Owner’s equity excluding minority interest: positive. Despite accumulated losses exceeding paid-in capital, the parent/owner’s equity (without minority interest) is reported positive in the statements.
Ownership Risk

Ownership is concentrated: Tập Đoàn Bưu Chính Viễn Thông Việt Nam (VNPT group) holds 32.8% and Công ty Cổ phần Dữ Liệu Khoa Học Vdt holds 18.2%; three individuals hold 17.0%, 8.3% and 8.1%. The top holder is a large state-related telecom group, indicating group/state influence and a typical large-block institutional shareholder structure in Vietnam.

To check in the filings
  • Compare the FY2025 note(s) on 'receivables and prepayments' with the balance-sheet line for 'other receivables / long-term receivables' to verify the 2.2% of total assets figure and the composition (prepayments, loans receivable, long-term items).
  • Check the audited retained earnings / accumulated losses note and the statement of changes in equity to confirm Accumulated losses = 1.11× paid-in capital and the presentation of owner’s equity excluding minority interest.
  • Reconcile the consolidated cash-flow from operating activities (CFO) for FY2025 with reported profit before tax and the components of working-capital movement to inspect the low cash-conversion signal (cash conversion = 0.0/100) and any large non-cash adjustments or working-capital timing differences.
  • Inspect the related-party transactions and related-party receivables/payables schedules in the notes for FY2025 to see whether material flows (prepayments, advances, loans) appear in those schedules and how they are classified and disclosed.

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

Quantitative Scores

F-Score
5/9
Neutral
Z-Score
−0.33
Distress Zone
Sharpe
1.17
Above 1
Composite
4
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 Burden1.00×Interest Burden1.25×Op. Margin−0.37×Turnover0.06×Leverage3.52=ROE−9.2%
Price Risk
Momentum
+276.9%
Volatility
168.7%
Max Drawdown
−46.0%

Key Ratios

Fiscal year 2025
—P/E
P/B
1.76
P/S
8.90
ROE
−8.8%
ROA
−2.7%
EPS
−524
BVPS
5.729
Gross Margin
57.5%
Net Margin
−46.2%
D/E
0.27
Current Ratio
1.13
EV/EBITDA
—
Div Yield
—

Company Overview

Shares outstanding
4.8M
Charter Capital
48.0B VND
Sector (ICB L2)
Công nghệ Thông tin
Industry (ICB L3)
Phần mềm & Dịch vụ Máy tính
Sub-industry
Dịch vụ Máy tính
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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