AMV

Công ty Cổ phần Sản xuất Kinh doanh Dược và Trang thiết bị Y tế Việt Mỹ

VietnamConsumerY tếThiết bị và Dịch vụ Y tếHNXCT

1.200

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+36.3%Calibrated value vs last close

Last close (VND): 1.200
Calibrated intrinsic value (VND): 1.636

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

Recent losses require review of cash-flow assumptions.

Also note

The model’s gap was capped before calibration.
Trading liquidity is low.
A release of working capital contributes to cash flow.
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 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→Y tế→Consumer

Classified as consumer because ICB sector “Y tế” 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

0.685

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.11%

E/(D+E)

91.43%

Kd(1-t)

11.85%

D/(D+E)

8.57%

WACC

10.26%

Growth Estimate

historical blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→386.69B

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)→1.200

Calibrated value vs last close→+36.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

1.636

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

Discount rate (WACC)10.26%

Growth rate4.00%growth method: historical blend

Base cash flow386.7 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	1.0%	2.5%	4.0%	5.5%	7.0%
8.3%	1.636	1.636	1.636	1.636	1.636
9.3%	1.636	1.636	1.636	1.636	1.636
10.3%	1.636	1.636	1.636	1.636	1.636
11.3%	1.636	1.636	1.636	1.636	1.636
12.3%	1.636	1.636	1.636	1.636	1.636

Above market priceBelow market priceCurrent estimate

AMV among Consumer

Every stock in the sector, AMV 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 AMV. 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	2013
CURRENT ASSETS (Bn. VND)	·	662	952	1,582	1,484	1,006	359	153	345	382	11	8	9	9
Cash and cash equivalents (Bn. VND)Net debt bridge	·	5	16	39	73	29	26	11	91	0.5	2	1	2	2
Short-term investments (Bn. VND)Net debt bridge	·	0.10	0.10	45	0	0	0.1	0.2	0	0	0	0	0	0
Accounts receivable (Bn. VND)	·	601	883	1,181	1,163	657	281	114	237	366	7	4	5	5
Prepayments to suppliers (Bn. VND)	·	54	540	1,013	917	527	145	24	88	308	4	4	4	2
Net Inventories	·	52	49	313	239	308	36	16	9	15	1	2	2	2
Inventories, Net (Bn. VND)	·	52	49	313	239	308	36	16	9	15	1	2	2	2
Other current assets	·	4	4	5	10	11	15	12	8	0.2	0.06	0.4	0.7	0.3
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.05
LONG-TERM ASSETS (Bn. VND)	·	1,221	1,004	391	518	524	561	719	307	33	10	14	16	18
Long-term trade receivables (Bn. VND)	·	188	62	103	103	103	218	365	23	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	188	62	103	103	103	218	365	23	0	0	0	0	0
Fixed assets (Bn. VND)	·	273	289	175	173	156	59	71	77	3	10	11	11	17
Tangible fixed assets	·	163	167	133	135	122	24	30	28	0	6	7	6	3
Intagible fixed assets	·	109	123	41	38	34	36	40	48	3	4	4	5	9
Long-term investments (Bn. VND)	·	731	622	0	0	0	0	2	0	0	0	3	3	0
Investments in associate companies	·	730	622	0	0	0	0	2	0	0	0	3	3	0
Other long-term assets (Bn. VND)	·	0.9	0	0	0	0	0	0	0	0	0	0	0	0
Less: Provision for diminuation in value of long term investments	·	−0.00	0	0	0	0	0	0	0	0	0	−0.07	0	0
Other non-current assets	·	4	3	3	3	3	2	2	0.6	0.1	0.3	0.5	0.4	0.8
Long-term prepayments (Bn. VND)	·	4	3	3	2	3	2	2	0.6	0.1	0.3	0.5	0.4	0.03
TOTAL ASSETS (Bn. VND)	·	1,883	1,956	1,973	2,002	1,530	920	872	652	415	20	22	25	27
LIABILITIES (Bn. VND)	·	287	283	283	325	316	101	80	82	64	8	11	13	6
Current liabilities (Bn. VND)	·	287	156	155	189	157	66	37	64	29	4	3	2	5
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	150	28	40	36	32	27	14	6	4	2	3	0.9	0.5
Advances from customers (Bn. VND)	·	0.3	0.05	0	0.02	0.09	5	0.7	6	0.8	0.03	0.06	0.2	0.01
Long-term liabilities (Bn. VND)	·	0	127	128	136	159	35	43	17	35	5	8	11	2
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	127	126	134	151	27	36	9	28	5	8	11	2
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,597	1,673	1,690	1,677	1,214	819	792	570	351	12	11	12	21
Capital and reserves (Bn. VND)	·	1,597	1,673	1,690	1,677	1,214	819	792	570	351	12	11	12	21
Paid-in capital (Bn. VND)	·	1,311	1,311	1,311	1,311	911	380	380	271	271	21	21	21	21
Investment and development funds (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	2	2	2
Undistributed earnings (Bn. VND)	·	219	292	307	293	239	386	356	244	29	−9	−11	−11	−2
TOTAL RESOURCES (Bn. VND)	·	1,883	1,956	1,973	2,002	1,530	920	872	652	415	20	22	25	27
Short-term loans receivables (Bn. VND)	·	79	63	0	5	0	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	1,311	1,311	1,311	1,311	911	380	380	271	271	21	21	21	21
Good will (Bn. VND)	·	0.1	0.4	0.3	0.4	0	0	0	0	0	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	67	70	72	73	65	53	56	55	51	0	0	0	0

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 −4.22 · 2nd pctile vs VN companies

YoY ▼ −1.84

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

1.323

GMI

0.736

AQI

1.379

SGI

0.514

DEPI

0.692

SGAI

3.400

TATA

−0.246

LVGI

1.053

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 17.0%88th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 2
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

5/9

Neutral

Z-Score

0.92

Distress Zone

Sharpe

−1.48

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 Burden1.01×Interest Burden1.09×Op. Margin−0.42×Turnover0.08×Leverage1.18=ROE−4.7%

Price Risk

Momentum

−61.3%

Volatility

82.0%

Max Drawdown

−68.8%

Key Ratios

Fiscal year 2025

—P/E

P/B: 0.09
P/S: 0.90
ROE: −4.6%
ROA: −3.8%
EPS: −554
BVPS: 11.669
Gross Margin: 13.7%
Net Margin: −46.7%
D/E: 0.09
Current Ratio: 2.31
Rev Growth: −50.3%
Profit Growth: −374.0%
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 131M
Charter Capital: 1,311B VND
Sector (ICB L2): Y tế
Industry (ICB L3): Thiết bị và Dịch vụ Y tế
Sub-industry: Thiết bị y tế
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Nguyễn Hoàn Thiện

Indiv

5.6%

7.3M

2022-06-13

Phạm Thế Vỹ

Indiv

4.8%

6.3M

2022-07-08

Nguyễn Thị Hồng Hải

Indiv

4.7%

6.1M

2022-07-25

Lê Đức Khanh

Indiv

3.8%

5.0M

2023-08-21

Hoàng Văn Ba

Indiv

3.8%

5.0M

2023-07-03

Phạm Thị Oanh

Indiv

3.6%

4.7M

2023-06-15

Ngô Văn Bình

Indiv

3.0%

2.7M

2022-03-23

Bùi Văn Hải

Indiv

2.5%

690,000

2018-09-25

Phạm Việt Tấn

Indiv

0.4%

7,500

2010-08-10

Quỹ Đầu tư Cân bằng Bản Việt

Inst

0.2%

64,500

2020-06-30

Board & Management

Huỳnh Văn Giàu

Deputy Director

Nguyễn Quang Trung

Deputy Director

Lê Thị Việt Hà

Chief Accountant

Đặng Nhị Nương

Director/Person in charge of Corporate governace/Member of Management Board

Nakatani Yoshitaka

Chairman of Management Board

Lê Khánh Nguyên

Independent Member of Management Board

Vũ Thu Thủy

Member of Supervisors Board/Spokesman

Lê Thị Hương

Head of Supervisors Board

Nguyễn Hương Giang

Member of Supervisors 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

AMV among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

AMV among Consumer