VTH

Công ty Cổ phần Dây cáp điện Việt Thái

VietnamCyclicalsHàng & Dịch vụ Công nghiệpĐiện tử & Thiết bị điệnHNXCT

8.600

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): 8.600
Calibrated intrinsic value (VND): 9.333

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.
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

CT→Điện tử & Thiết bị điện→Cyclical

Classified as cyclical because ICB sector “Điện tử & Thiết bị điện” maps to the cyclical group.

ModelEV/EBITDA Mid-Cycle

Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.

Technical details

Why this model

Commodity/basic-material earnings swing with global prices. Using mid-cycle EBITDA normalizes across booms and busts, preventing overpayment at cyclical peaks. EV/EBITDA is preferred over P/E because it's capital-structure-neutral and not distorted by depreciation policies.

How it works

Computes the 7-year median EBITDA and the 7-year median EV/EBITDA. With fewer than 5 years of its own EBITDA, the company's EBITDA is estimated as revenue x the sector median margin. When mid-cycle EBITDA is not positive, the value is 70% of book value per share. Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.

Model Inputs

Mid-Cycle EBITDA→18.60B

Fair EV/EBITDA→8.3x

Years of data→7

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)→8.600

Calibrated value vs last close→+8.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

9.333

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

Mid-cycle EBITDA18.6 tỷyears of data: 7

VTH among Cyclicals

Every stock in the sector, VTH 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 VTH. Drag to turn; open another stock from its bead.

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	466	399	259	190	142	118	89	76	78	78	86	72	66
Cash and cash equivalents (Bn. VND)Net debt bridge	·	17	15	9	7	4	1.0	5	5	6	5	15	3	1
Short-term investments (Bn. VND)Net debt bridge	·	80	41	2	0	0	5	3	0	0	0	0	0	0
Accounts receivable (Bn. VND)	·	144	103	89	94	80	68	43	24	17	31	26	33	14
Prepayments to suppliers (Bn. VND)	·	13	5	3	4	3	11	5	0.02	0.5	6	0.3	0.00	0.05
Net Inventories	·	195	235	158	88	58	44	37	46	55	42	46	36	48
Inventories, Net (Bn. VND)	·	195	235	158	88	58	44	39	49	55	42	46	36	48
Other current assets	·	29	4	1	1	0.7	0.7	1	1	1	0.3	0	0.4	2
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.02	0.4
LONG-TERM ASSETS (Bn. VND)	·	302	111	92	56	49	38	33	29	32	25	28	23	25
Long-term trade receivables (Bn. VND)	·	0.2	0.2	0.5	0.2	0.2	0.2	0	0	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	0.2	0.2	0.5	0.2	0	0.2	0	0	0	0	0	0	0
Fixed assets (Bn. VND)	·	279	69	60	32	38	32	29	28	26	23	27	23	24
Tangible fixed assets	·	178	64	56	28	33	28	29	28	26	23	27	23	24
Leased assets	·	4	4	3	4	4	4	0	0	0	0	0	0	0
Intagible fixed assets	·	96	0.3	0.3	0.4	0.4	0	0	0	0	0	0	0	0
Other non-current assets	·	5	18	11	10	11	4	4	1	2	1	1	0.4	0.6
Long-term prepayments (Bn. VND)	·	5	18	11	10	11	4	4	1	2	1	1	0.4	0.6
TOTAL ASSETS (Bn. VND)	·	768	509	351	245	191	156	123	105	110	103	114	95	91
LIABILITIES (Bn. VND)	·	659	411	263	160	108	77	44	30	25	19	24	9	7
Current liabilities (Bn. VND)	·	499	389	245	151	104	73	40	30	25	19	24	9	6
Short-term borrowings (Bn. VND)Net debt bridge	·	352	261	165	105	73	54	28	17	17	4	0	0	1
Advances from customers (Bn. VND)	·	38	13	9	10	2	2	3	0.4	0.2	1	1	0.3	0.5
Long-term liabilities (Bn. VND)	·	161	22	17	8	4	4	3	0	0	0	0	0.02	1
Long-term borrowings (Bn. VND)Net debt bridge	·	161	22	17	8	4	4	3	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	109	98	88	86	83	79	79	75	85	84	90	87	84
Capital and reserves (Bn. VND)	·	109	98	88	86	83	79	79	75	85	84	90	87	84
Paid-in capital (Bn. VND)	·	79	79	79	79	50	50	50	50	50	50	50	50	50
Other Reserves	·	0	0	0.03	0	0	0	0	0	0	0	0	0	0
Investment and development funds (Bn. VND)	·	0	0	0	0	14	14	14	14	13	12	10	5	4
Other Reserves	·	0.03	0.03	0	0.03	3	3	3	3	3	3	3	2	2
Undistributed earnings (Bn. VND)	·	30	19	9	7	4	−0.04	−0.1	−4	7	7	15	15	15
TOTAL RESOURCES (Bn. VND)	·	768	509	351	245	191	156	123	105	110	103	114	95	91
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0.2	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	79	79	79	79	50	50	50	50	50	50	50	50	50

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 −2.04 · 64th pctile vs VN companies

YoY ▼ −0.22

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

0.931

GMI

1.257

AQI

0.377

SGI

1.498

DEPI

2.920

SGAI

0.705

TATA

−0.016

LVGI

1.061

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −1.2512th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.8%46th 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

1.61

Distress Zone

Sharpe

−0.02

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 Burden0.77×Interest Burden0.94×Op. Margin0.01×Turnover1.48×Leverage7.03=ROE11.1%

Price Risk

Momentum

+30.2%

Volatility

51.5%

Max Drawdown

−24.1%

Key Ratios

Fiscal year 2025

8.54P/E

P/B: 0.95
P/S: 0.09
ROE: 11.7%
ROA: 1.9%
EPS: 1.113
BVPS: 10.034
Gross Margin: 7.7%
Net Margin: 1.1%
D/E: 4.68
Current Ratio: 0.93
Rev Growth: +48.6%
Profit Growth: +16.1%
EV/EBITDA: 10.59
Div Yield: —

Company Overview

Shares outstanding: 11.0M
Charter Capital: 110B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Điện tử & Thiết bị điện
Sub-industry: Hàng điện & điện tử
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Trần Anh Tú

Indiv

24.8%

2.7M

2026-06-30

Trần Cao Cường

Indiv

24.6%

2.7M

2026-02-03

Trần Văn Hùng

Indiv

24.1%

1.9M

2026-06-30

Công ty Cổ Phần Dây Cáp Điện Tân Cường Thành

Inst

11.7%

923,920

2025-09-30

Nguyễn Minh Nhựt

Indiv

9.2%

1.0M

2026-09-21

Hoàng Nghĩa Đàn

Indiv

3.7%

185,400

2018-12-31

Phạm Đình Thuyền

Indiv

3.0%

152,000

2019-07-29

Nguyễn Hải Hồ

Indiv

2.8%

300,000

2026-09-21

Nguyễn Trung Trường

Indiv

1.0%

50,000

2018-12-31

Trương Văn Dũng

Indiv

0.7%

35,300

2014-12-31

Board & Management

Trần Anh Tú24.8%

Member of Management Board

Trần Văn Hùng24.1%

Chairman of Management Board

Nguyễn Hải Hồ2.8%

Member of Management Board

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 1,000,000 shares
Purchase registrations: 2 by 2 traders; 1,300,000 shares
Registered net, share of outstanding:: +2.72%

Nguyễn Hải Hồ
Sale · Insider
1,000,000
2026-09-07
Nguyễn Minh Nhựt
Purchase · Related person
1,000,000
2026-09-07
Nguyễn Hải Hồ
Purchase · Insider
300,000
2026-02-26

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

VTH among Cyclicals

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

VTH among Cyclicals