ABR

Công ty Cổ phần Đầu tư Nhãn Hiệu Việt

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

10.500

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): 10.500
Calibrated intrinsic value (VND): 10.645

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.
The latest cash flow is zero or negative.

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→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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

11.49%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→2.39B

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)→10.500

Calibrated value vs last close→+1.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

10.645

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

Discount rate (WACC)11.49%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow2.4 tỷone off strip ratio: 0.45

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%
9.5%	10.645	10.645	10.645	10.645	10.645
10.5%	10.645	10.645	10.645	10.645	10.645
11.5%	10.645	10.645	10.645	10.645	10.645
12.5%	10.645	10.645	10.645	10.645	10.645
13.5%	10.645	10.645	10.645	10.645	10.645

Above market priceBelow market priceCurrent estimate

ABR among Consumer

Every stock in the sector, ABR 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 ABR. 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
CURRENT ASSETS (Bn. VND)	·	153	197	174	196	237	199	171	23	27	24	19
Cash and cash equivalents (Bn. VND)Net debt bridge	·	33	46	3	21	49	97	103	1	4	1	0.8
Short-term investments (Bn. VND)Net debt bridge	·	47	111	130	117	145	79	44	0	0	0	0
Accounts receivable (Bn. VND)	·	73	39	40	56	42	21	23	19	21	19	15
Prepayments to suppliers (Bn. VND)	·	0.04	0.05	0.09	0.07	0.1	0.08	1	0.02	0.02	0.02	0.04
Net Inventories	·	0	0	0	0.4	0.4	2	0.3	3	2	3	4
Inventories, Net (Bn. VND)	·	0	0	0	0.4	0.4	2	0.3	3	2	3	4
Other current assets	·	0.08	0.2	2	0.9	0.4	1	0.4	0.1	0.2	0.3	0.04
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0.02	0	0	0	0.01
LONG-TERM ASSETS (Bn. VND)	·	132	158	210	176	76	83	87	13	12	11	20
Long-term trade receivables (Bn. VND)	·	0.3	0.4	2	0.1	0.2	0.07	0.1	0	0	0	0
Other long-term receivables (Bn. VND)	·	0.3	0.4	2	0.1	0.2	0.07	0.1	0	0	0	0
Fixed assets (Bn. VND)	·	0.00	0.04	0.07	11	15	8	0.4	3	0.06	0.07	0.6
Tangible fixed assets	·	0.00	0.04	0.07	11	15	8	0.4	3	0.06	0.07	0.6
Long-term investments (Bn. VND)	·	103	122	164	110	0	0.04	0.04	8	8	8	20
Investments in associate companies	·	0	0	0	0	0	0	0	8	8	8	8
Other long-term assets (Bn. VND)	·	88	116	108	110	0	0	0	0	0	0	12
Less: Provision for diminuation in value of long term investments	·	0	0	0	0	0	0	0	−0.01	0	0	0
Other non-current assets	·	29	35	43	51	57	63	72	2	0	0	0.01
Long-term prepayments (Bn. VND)	·	2	1	2	2	2	2	2	2	0	0	0.01
TOTAL ASSETS (Bn. VND)	·	284	355	384	372	313	282	258	36	39	35	40
LIABILITIES (Bn. VND)	·	54	59	68	87	57	46	47	3	5	2	9
Current liabilities (Bn. VND)	·	47	47	51	82	53	43	44	3	5	2	8
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	0	2	2	0	0
Advances from customers (Bn. VND)	·	1.0	1.0	1	1	2	0.5	0.3	0	0	0	0
Long-term liabilities (Bn. VND)	·	7	12	17	5	4	3	2	0	0.00	0.00	0.3
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	0	0	0	0	0.3
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	231	296	316	285	256	236	212	33	34	33	31
Capital and reserves (Bn. VND)	·	231	296	316	285	256	236	212	33	34	33	31
Paid-in capital (Bn. VND)	·	200	200	200	200	200	200	200	30	30	30	30
Undistributed earnings (Bn. VND)	·	31	96	116	85	56	36	12	3	4	3	1
TOTAL RESOURCES (Bn. VND)	·	284	355	384	372	313	282	258	36	39	35	40
Short-term loans receivables (Bn. VND)	·	41	0	0	0	0	0	0	1	0	0.2	0
Common shares (Bn. VND)	·	200	200	200	200	200	200	200	30	30	30	30
Good will (Bn. VND)	·	27	33	40	47	54	61	68	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	0	0	0	0	0	0	0	0	0.2	0.2	0

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

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

75th–90th

M −1.19 · 85th 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

1.798

GMI

0.925

AQI

1.041

SGI

1.030

DEPI

0.995

SGAI

1.325

TATA

0.146

LVGI

1.240

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −0.1620th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 14.6%87th 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 accounting signals are mixed. The Beneish M-Score is -1.1914 (85th percentile versus Vietnamese peers) with a year-over-year increase of +0.70, driven by a high DSRI (1.7979) and SGAI (1.3247), while TATA is low at 0.1465. Earnings-quality metrics are weak in cash conversion and receivables (both scored 0/100) and the overall Earnings Quality Score is 20.6/100, but the Altman Z-Score is 3.74 (in the safe zone) and the Piotroski F-Score is 5/9 (neutral).

Red Flags

Beneish M-Score -1.1914 (85th percentile among Vietnamese peers; a higher percentile indicates more aggressive accounting relative to peers). The YoY change +0.70 indicates the M-Score has moved materially year-over-year.
DSRI (Days Sales Receivable Index) = 1.7979 (Beneish component) — measures a rise in receivables relative to sales and can indicate revenue recognition or collection changes.
SGAI (Sales General & Administrative Index) = 1.3247 — measures growth in SG&A relative to sales and may signal unusual selling or reporting behaviour.
Receivables outside the trade cycle = 14.6% of total assets (87th percentile) — a high share of prepayments, loans receivable or other long-term receivables versus peers.
Three-year cash conversion (operating cash flow / net profit) = -0.16 (20th percentile) — profits are not converting into cash on a multi-year basis.
Earnings Quality Score 20.6/100 with Revenue quality 18.8/100 and Cash conversion & Receivables quality both 0/100 — poor scores on components that reflect the sustainability and cash backing of reported earnings.

Positive Signals

TATA (Total Accruals to Total Assets) = 0.1465 — this component measures total accruals; a relatively low TATA suggests lower accrual intensity in the balance sheet relative to earnings.
DEPI (Depreciation Index) = 0.9955 and GMI (Gross Margin Index) = 0.9248 — DEPI close to 1.0 indicates stable depreciation policies; GMI below 1 suggests gross margins have improved rather than deteriorated year-over-year.
LVGI (Leverage Index) = 1.2397 and SGI (Sales Growth Index) = 1.0303 are moderate — leverage and sales growth measures are not extreme.
Altman Z-Score = 3.74 (safe zone) — this Altman metric indicates distance from financial distress under its model.
Piotroski F-Score = 5/9 — a neutral score indicating neither strong deterioration nor particularly strong improvement in fundamental operating signals.

Ownership Risk

Ownership is highly concentrated in three related institutional shareholders (Công ty TNHH Phát Triển Quang Thái 39.7%, Phát Triển Đổng Đức 24.8%, Phát Triển Đồng Thịnh 14.3%), together controlling nearly 79% of the company; two individuals hold smaller stakes (Lan Wan - Chen 4.9%, Tsai Hsiu-Li 4.4%). No director-deal registrations were provided in the data; registrations with the exchange are intentions, not executed trades.

To check in the filings

Compare the year‑over‑year change in trade receivables and other receivables in the FY2025 balance sheet and the receivables note to identify the composition of the 14.6% 'receivables outside the trade cycle' (prepayments, loans and long-term receivables).
Reconcile operating cash flow (cash flow statement) to net profit in the FY2023–FY2025 notes to verify the three‑year cash conversion ratio of -0.16 and identify timing items or non‑cash adjustments.
Review the revenue recognition policy and any related-party transaction disclosures (notes and schedules) to assess drivers of DSRI = 1.7979 and Revenue quality = 18.8/100.
Inspect the SG&A note and segment or line‑item detail to explain SGAI = 1.3247 (the rise in SG&A relative to sales) and whether increases relate to non-recurring items, marketing expansions, or related-party costs.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.74

Safe Zone

Sharpe

−0.59

Negative

Composite

30 to 49

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 Burden0.74×Interest Burden0.99×Op. Margin0.79×Turnover0.09×Leverage1.23=ROE6.5%

Price Risk

Momentum

−7.2%

Volatility

51.4%

Max Drawdown

−34.6%

Key Ratios

Fiscal year 2025

14.09P/E

P/B: 0.91
P/S: 8.19
ROE: 5.7%
ROA: 4.7%
EPS: 745
BVPS: 11.539
Gross Margin: 93.2%
Net Margin: 58.1%
D/E: 0.00
Current Ratio: 3.28
Rev Growth: +3.0%
Profit Growth: −21.4%
EV/EBITDA: 7.99
Div Yield: 38.1%

Company Overview

Shares outstanding: 20.0M
Charter Capital: 200B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Tư vấn & Hỗ trợ Kinh doanh
Sub-industry: Tư vấn & Hỗ trợ KD
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Công ty TNHH Phát Triển Quang Thái

Inst

39.7%

7.9M

2025-12-31

Công ty TNHH Phát Triển Đổng Đức

Inst

24.8%

5.0M

2024-12-31

Công ty TNHH Phát Triển Đồng Thịnh

Inst

14.3%

2.9M

2024-12-31

Lan Wan - Chen

Indiv

4.9%

977,300

2026-06-30

Tsai Hsiu-Li

Indiv

4.4%

872,300

2026-06-30

Công ty TNHH Phát Triển Vũ Thịnh

Inst

3.6%

730,050

2025-12-31

Công ty TNHH Phát Triển Hưng Thái

Inst

0.4%

80,000

2025-12-31

Board & Management

Lan Wan - Chen4.9%

Chairman of Management Board

Tsai Hsiu-Li4.4%

Member of Supervisors Board

Hoàng Như Quỳnh

Member of Management Board

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

ABR among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

ABR among Consumer