BHN

Tổng Công ty Cổ phần Bia - Rượu - Nước giải khát Hà Nội

VietnamConsumerThực phẩm và đồ uốngBia và đồ uốngHOSECT

26.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+14.7%Calibrated value vs last close

Last close (VND): 26.000
Calibrated intrinsic value (VND): 29.818

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.

Also note

A release of working capital contributes to cash flow.

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: 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→Thực phẩm và đồ uống→Consumer

Classified as consumer because ICB sector “Thực phẩm và đồ uống” 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

0.475

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

9.19%

E/(D+E)

98.66%

Kd(1-t)

3.82%

D/(D+E)

1.34%

WACC

10.00%

Growth Estimate

historical blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→455.09B

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)→26.000

Calibrated value vs last close→+14.7%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

29.818

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

Discount rate (WACC)10.00%

Growth rate4.00%growth method: historical blend

Base cash flow455.1 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%
8.0%	30.360	30.360	30.360	30.360	31.485
9.0%	30.360	30.360	30.360	30.360	30.360
10.0%	30.360	30.360	30.360	30.360	30.360
11.0%	29.145	29.145	29.818	29.818	30.360
12.0%	29.145	29.145	29.145	29.145	29.145

Above market priceBelow market priceCurrent estimate

BHN among Consumer

Every stock in the sector, BHN 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 BHN. 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)	·	5,939	5,353	5,136	4,866	4,342	4,501	4,197	5,385	5,331	5,255	5,140	4,167	3,077
Cash and cash equivalents (Bn. VND)Net debt bridge	·	787	1,036	1,165	512	723	819	1,297	1,734	2,155	1,724	2,514	2,536	1,703
Short-term investments (Bn. VND)Net debt bridge	·	4,071	3,298	2,724	2,972	2,443	2,386	1,571	2,043	1,561	1,838	1,156	410	185
Accounts receivable (Bn. VND)	·	356	251	428	434	378	384	375	431	335	499	462	364	334
Prepayments to suppliers (Bn. VND)	·	47	37	38	71	54	45	65	57	44	86	71	44	106
Net Inventories	·	664	714	719	724	553	597	639	806	950	912	835	803	815
Inventories, Net (Bn. VND)	·	683	732	739	744	569	608	649	816	950	912	835	803	815
Other current assets	·	60	54	100	223	245	314	316	372	330	282	173	53	41
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	4
LONG-TERM ASSETS (Bn. VND)	·	1,605	1,907	2,014	2,390	2,746	3,183	3,576	3,817	4,281	4,607	4,797	5,199	4,990
Long-term trade receivables (Bn. VND)	·	0.2	0.2	0.3	0.1	0.01	0.01	0	0	0.7	0	2	2	0.2
Other long-term receivables (Bn. VND)	·	0.2	0.2	0.3	0.1	0.01	0.01	0	0	0	0	2	2	0.2
Fixed assets (Bn. VND)	·	1,021	1,194	1,527	1,840	2,185	2,556	2,887	3,219	3,591	3,848	4,050	4,251	4,235
Tangible fixed assets	·	952	1,119	1,442	1,757	2,088	2,482	2,828	3,163	3,536	3,796	4,000	4,200	4,027
Intagible fixed assets	·	69	75	85	83	97	74	59	56	55	51	50	50	23
Investment in properties	·	3	3	4	4	5	6	7	7	7	26	28	29	20
Long-term investments (Bn. VND)	·	281	477	271	316	267	265	292	273	307	240	249	289	414
Investments in associate companies	·	240	236	230	225	225	223	240	231	215	208	202	238	330
Other long-term assets (Bn. VND)	·	44	44	44	44	44	44	44	44	44	33	50	52	87
Less: Provision for diminuation in value of long term investments	·	−3	−3	−3	−3	−2	−2	−2	−2	−2	−2	−2	−2	−3
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	19
Other non-current assets	·	290	216	201	214	253	309	351	305	334	325	318	298	302
Long-term prepayments (Bn. VND)	·	286	205	195	205	247	302	348	302	329	318	276	257	288
TOTAL ASSETS (Bn. VND)	·	7,543	7,259	7,150	7,255	7,088	7,684	7,772	9,203	9,612	9,862	9,936	9,365	8,068
LIABILITIES (Bn. VND)	·	2,144	1,993	1,842	1,928	2,253	1,949	2,591	4,272	5,091	5,451	3,849	3,696	2,651
Current liabilities (Bn. VND)	·	1,953	1,870	1,726	1,816	2,105	1,746	2,329	3,870	4,519	4,731	2,899	2,668	1,657
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	28	71	111	96	198	220	335	355	640	816	617	630	449
Advances from customers (Bn. VND)	·	111	109	32	36	14	33	40	26	43	28	15	11	18
Long-term liabilities (Bn. VND)	·	192	123	116	113	148	202	262	402	572	720	951	1,028	994
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0.3	0.9	7	0	49	101	133	247	364	446	635	719	727
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	5,399	5,266	5,308	5,327	4,835	5,736	5,182	4,931	4,521	4,411	6,087	5,669	4,539
Capital and reserves (Bn. VND)	·	5,399	5,266	5,307	5,326	4,833	5,734	5,180	4,928	4,517	4,408	6,082	5,666	4,536
Paid-in capital (Bn. VND)	·	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	1	0.02
Investment and development funds (Bn. VND)	·	1,533	1,541	1,544	1,540	1,533	1,225	1,218	1,210	1,211	931	2,406	1,850	1,170
Other Reserves	·	11	11	12	12	13	4	6	7	9	6	4	2	2
Undistributed earnings (Bn. VND)	·	861	722	760	775	327	1,548	987	711	254	399	468	618	758
Budget sources and other funds	·	0.4	0.8	1.0	1	1	2	2	2	4	4	5	3	3
Budget sources and other funds	·	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	1	1	2	0.5	3
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	877
TOTAL RESOURCES (Bn. VND)	·	7,543	7,259	7,150	7,255	7,088	7,684	7,772	9,203	9,612	9,862	9,936	9,365	8,068
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	12	15	15	28	58	57	30	0
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0.7	0	0.3	0.3	0
Common shares (Bn. VND)	·	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318	2,318
Good will (Bn. VND)	·	0	0	0	0	0	0	0	0	3	5	14	23	0
MINORITY INTERESTSNet debt bridge	·	677	673	673	681	641	638	651	682	726	753	886	877	0

Earnings Quality

Fiscal year 2025

Fair

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 −2.23 · 55th pctile vs VN companies

YoY ▲ +0.86

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

1.371

GMI

0.940

AQI

0.788

SGI

1.037

DEPI

1.197

SGAI

1.052

TATA

−0.005

LVGI

1.005

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.5866th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.6%28th 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

7/9

Strong

Z-Score

4.30

Safe Zone

Sharpe

−0.31

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 Burden0.80×Interest Burden1.05×Op. Margin0.07×Turnover1.13×Leverage1.40=ROE9.1%

Price Risk

Momentum

−5.6%

Volatility

31.7%

Max Drawdown

−15.6%

Key Ratios

Fiscal year 2025

12.96P/E

P/B: 1.29
P/S: 0.71
ROE: 10.1%
ROA: 6.3%
EPS: 2.021
BVPS: 20.373
Gross Margin: 28.4%
Net Margin: 5.8%
D/E: 0.01
Current Ratio: 3.04
Rev Growth: +4.2%
Profit Growth: +26.4%
EV/EBITDA: 3.12
Div Yield: 4.4%

Company Overview

Shares outstanding: 232M
Charter Capital: 2,318B VND
Sector (ICB L2): Thực phẩm và đồ uống
Industry (ICB L3): Bia và đồ uống
Sub-industry: Sản xuất bia
Company Type: CT

Ownership network

Common ownership links for BHN. Hover for detail, select a link to open it.

Shareholders

Ministry Of Industry And Trade Of The Socialist Republic Of Vietnam

State

81.8%

190M

2026-10-06

Carlsberg Breweries A/s

Inst

17.3%

40.2M

2026-10-06

Công ty TNHH Thương Mại Carlsberg Việt Nam

Inst

0.2%

381,400

2026-10-06

Board & Management

Trần Đình Thanh

Chairman of Management Board

Ngô Quế Lâm

Member of Management Board/General Director

Top connections

VEA88.5%

Listed group

BALCông ty Cổ phần Bao bì Bia - Rượu - Nước giải khát
Subsidiary: over 50% held
69.0%
2025-12-31
HBHCông ty Cổ phần HABECO - Hải Phòng
Subsidiary: over 50% held
66.7%
2025-12-31
BTBCông ty Cổ phần Bia Hà Nội - Thái Bình
Subsidiary: over 50% held
66.3%
2025-12-31
BHPCông ty Cổ phần Bia Hà Nội - Hải Phòng
Subsidiary: over 50% held
65.0%
2026-06-30
BQBCông ty Cổ phần Bia Hà Nội - Quảng Bình
Subsidiary: over 50% held
62.1%
2025-12-31
HATCông ty Cổ phần Thương mại Bia Hà Nội
Subsidiary: over 50% held
60.0%
2026-06-30
HADCông ty Cổ phần Bia Hà Nội - Hải Dương
Subsidiary: over 50% held
55.0%
2026-06-30
THBCông ty Cổ phần Bia Hà Nội - Thanh Hóa
Subsidiary: over 50% held
55.0%
2025-09-30

5 more listed companies

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

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

BHN among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Ownership network

Listed group

BHN among Consumer