VNZ

Công ty Cổ phần Tập đoàn VNG

VietnamTechnologyTruyền thôngUPCOMCT

551.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

−8.5%Calibrated value vs last close

Last close (VND): 551.000
Calibrated intrinsic value (VND): 504.171

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

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.

Comparison assessed 3 Nov 2026Valid through 2 Dec 2026

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.

Published filingsValued 30 Oct 2026Anchored to close on 2 Nov 2026Recalculated when the displayed close changes.

Valuation Breakdown

VNZ→Technology

Classified as technology via a per-symbol override — a web-verified, revenue-grounded correction for a company its ICB tag misroutes.

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

Model Inputs

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)→551.000

Calibrated value vs last close→−8.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

504.171

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

Discount rate (WACC)10.00%

Growth rate

Base cash flow

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)	·	7,520	4,338	5,490	4,863	7,279	6,064	5,133	3,550	2,930	2,467	1,783	931	1,373
Cash and cash equivalents (Bn. VND)Net debt bridge	·	4,806	2,743	3,838	2,629	2,468	2,470	1,890	833	491	761	490	261	621
Short-term investments (Bn. VND)Net debt bridge	·	926	60	137	445	2,580	2,049	2,054	1,665	1,495	544	862	474	608
Accounts receivable (Bn. VND)	·	1,193	869	946	1,248	1,809	1,124	679	649	703	966	395	160	100
Prepayments to suppliers (Bn. VND)	·	175	181	214	321	313	59	14	37	6	12	32	9	3
Net Inventories	·	90	47	83	89	118	26	24	14	12	13	6	5	8
Inventories, Net (Bn. VND)	·	91	48	84	90	120	29	26	16	13	14	7	6	9
Other current assets	·	506	619	487	451	305	396	486	389	229	183	30	31	36
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	15
LONG-TERM ASSETS (Bn. VND)	·	3,832	5,096	4,104	4,037	1,959	1,808	1,890	1,330	1,370	1,041	928	1,269	884
Long-term trade receivables (Bn. VND)	·	9	14	11	15	17	13	16	15	19	15	261	262	0
Other long-term receivables (Bn. VND)	·	9	14	11	15	17	12	16	15	19	15	9	9	0
Fixed assets (Bn. VND)	·	2,464	2,904	2,288	1,198	1,045	1,080	1,143	510	348	259	294	296	389
Tangible fixed assets	·	2,255	2,609	2,071	978	839	868	880	243	174	143	148	163	230
Leased assets	·	111	140	0	0	0	0	0	0	0	0	0	0	0
Intagible fixed assets	·	99	156	217	220	206	212	263	267	174	117	146	133	96
Long-term investments (Bn. VND)	·	963	1,799	1,182	1,459	399	276	310	262	716	570	161	498	368
Investments in associate companies	·	822	839	992	1,175	277	154	31	52	173	295	0	4	4
Other long-term assets (Bn. VND)	·	176	734	291	287	122	122	122	122	122	111	111	111	364
Less: Provision for diminuation in value of long term investments	·	−35	−597	−103	−2	0	0	0	0	0	0	0	0	0
Other non-current assets	·	266	255	411	326	287	297	192	211	171	159	151	161	127
Long-term prepayments (Bn. VND)	·	200	235	386	269	239	220	188	174	151	139	135	141	96
TOTAL ASSETS (Bn. VND)	·	11,352	9,434	9,595	8,900	9,238	7,872	7,023	4,879	4,300	3,508	2,712	2,200	2,257
LIABILITIES (Bn. VND)	·	10,462	8,326	6,785	3,785	2,914	1,789	1,594	1,047	822	627	389	323	420
Current liabilities (Bn. VND)	·	8,015	5,916	5,362	2,786	2,375	1,606	1,546	1,032	812	616	370	309	410
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,296	755	865	44	0	0	0	0	0	0	0	0	0
Advances from customers (Bn. VND)	·	80	61	57	25	32	7	5	4	9	2	3	2	1
Long-term liabilities (Bn. VND)	·	2,447	2,410	1,423	999	538	183	48	15	11	10	20	14	10
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,098	1,249	618	400	174	0	0	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	890	1,108	2,810	5,115	6,324	6,083	5,429	3,832	3,478	2,881	2,322	1,877	1,838
Capital and reserves (Bn. VND)	·	890	1,108	2,810	5,115	6,324	6,083	5,429	3,832	3,478	2,881	2,322	1,877	1,838
Paid-in capital (Bn. VND)	·	294	287	287	358	358	353	353	345	337	331	325	315	307
Foreign Currency Difference reserve	·	109	46	16	10	8	17	19	19	15	15	10	3	1.0
Undistributed earnings (Bn. VND)	·	558	827	2,842	5,093	6,648	6,218	5,758	4,958	4,622	3,684	3,140	2,909	2,709
TOTAL RESOURCES (Bn. VND)	·	11,352	9,434	9,595	8,900	9,238	7,872	7,023	4,879	4,300	3,508	2,712	2,200	2,257
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	28	0	267	271	250	0	0	0
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0	0.5	0.5	0.5	0.5	0.5	252	253	0
Common shares (Bn. VND)	·	294	287	287	358	358	353	353	345	337	331	325	315	307
Good will (Bn. VND)	·	0	13	15	55	9	11	1	3	5	6	9	12	14
MINORITY INTERESTSNet debt bridge	·	326	357	75	134	119	313	117	−2	0.9	0.9	1	0.9	1

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

100

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

Remainder

M −3.30 · 8th pctile vs VN companies

YoY ▲ +0.25

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

1.169

GMI

1.005

AQI

0.518

SGI

1.175

DEPI

0.783

SGAI

1.000

TATA

−0.190

LVGI

1.057

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.6%45th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 4Statutory 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.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.61

Distress Zone

Sharpe

0.57

Positive

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 Burden2.68×Interest Burden−2.15×Op. Margin0.01×Turnover0.96×Leverage12.75=ROE−36.6%

Price Risk

Momentum

+40.6%

Volatility

59.8%

Max Drawdown

−22.6%

Key Ratios

Fiscal year 2025

—P/E

P/B: 28.77
P/S: 1.49
ROE: −40.0%
ROA: −2.5%
EPS: −8.852
BVPS: 18.966
Gross Margin: 36.8%
Net Margin: −3.0%
D/E: 2.69
Current Ratio: 0.94
Rev Growth: +17.4%
Profit Growth: +84.4%
EV/EBITDA: 17.03
Div Yield: —

Company Overview

Shares outstanding: 30.4M
Charter Capital: 304B VND
Sector (ICB L2): Truyền thông
Industry (ICB L3): Truyền thông
Sub-industry: Giải trí & Truyền thông
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Vng Limited

Inst

46.8%

14.2M

2026-10-21

Công ty Cổ Phần Công Nghệ Bigv

Inst

19.5%

5.9M

2026-10-21

Lê Hồng Minh

Indiv

8.6%

2.5M

2026-06-30

Vương Quang Khải

Indiv

5.3%

1.6M

2026-09-18

Nguyễn Lê Thành

Indiv

0.7%

199,967

2026-09-22

Trương Thị Thanh

Indiv

0.3%

89,449

2026-09-17

Board & Management

Lê Hồng Minh8.6%

Chairman of Management Board

Vương Quang Khải5.3%

Vice Chairman of Management Board

Nguyễn Lê Thành0.7%

Deputy General Director

Trương Thị Thanh0.3%

Deputy General Director

Hoàng Anh

Head of Supervisors Board

Ngô Vi Hải Long

Member of Supervisors Board

Hoàng Thị Huệ

Chief Accountant

Vũ Thành Long

Member of Supervisors Board

Director-deal registrations · 12 months

Sale registrations: 3 by 2 traders; 839,733 shares
Purchase registrations: 7 by 4 traders; 263,559 shares
Registered net, share of outstanding:: −1.89%

Công ty Cổ Phần Công Nghệ Bigv
Sale · Institution
336,239
2026-10-21
Vng Limited
Sale · Institution
336,239
2026-10-21
Nguyễn Lê Thành
Purchase · Insider
17,112
2026-09-16
Vương Quang Khải
Purchase · Insider
26,567
2026-09-10
Trương Thị Thanh
Purchase · Insider
13,293
2026-09-04
Công ty Cổ Phần Công Nghệ Bigv
Sale · Institution
167,255
2026-04-15
Vng Limited
Purchase · Institution
167,255
2026-04-15
Vương Quang Khải
Purchase · Insider
23,333
2026-03-09

2 more registrations

Nguyễn Lê Thành
Purchase · Insider
8,518
2026-03-06
Trương Thị Thanh
Purchase · Insider
7,481
2026-03-05

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

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