BKG

Công ty Cổ phần Đầu tư BKG Việt Nam

VietnamConsumerHàng cá nhân & Gia dụngHàng gia dụngHOSECT

1.870

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+11.9%Calibrated value vs last close

Last close (VND): 1.870
Calibrated intrinsic value (VND): 2.092

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

The model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

Also note

Trading liquidity is low.
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: 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→Hàng cá nhân & Gia dụng→Consumer

Classified as consumer because ICB sector “Hàng cá nhân & Gia dụng” 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

0.910

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.10%

E/(D+E)

96.09%

Kd(1-t)

3.75%

D/(D+E)

3.91%

WACC

10.81%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→12.09B

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)→1.870

Calibrated value vs last close→+11.9%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

2.092

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

Discount rate (WACC)10.81%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow12.1 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%
8.8%	2.096	2.096	2.096	2.096	2.145
9.8%	2.092	2.092	2.092	2.092	2.092
10.8%	2.092	2.092	2.092	2.092	2.092
11.8%	1.997	1.997	1.997	2.092	2.092
12.8%	1.997	1.997	1.997	1.997	1.997

Above market priceBelow market priceCurrent estimate

BKG among Consumer

Every stock in the sector, BKG 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 BKG. 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
CURRENT ASSETS (Bn. VND)	·	558	448	668	788	330	327	289	331	71
Cash and cash equivalents (Bn. VND)Net debt bridge	·	40	44	81	29	39	21	17	13	2
Short-term investments (Bn. VND)Net debt bridge	·	0	0	22	0	0	0	0	0	0
Accounts receivable (Bn. VND)	·	367	276	464	662	209	219	189	187	53
Prepayments to suppliers (Bn. VND)	·	148	130	302	392	94	115	108	76	19
Net Inventories	·	145	125	99	95	80	83	78	128	14
Inventories, Net (Bn. VND)	·	145	125	99	95	80	83	78	128	14
Other current assets	·	6	2	2	2	1	4	5	3	2
LONG-TERM ASSETS (Bn. VND)	·	256	349	248	136	134	124	120	83	33
Long-term trade receivables (Bn. VND)	·	0	0.06	0.05	0	0	0	14	0	0
Other long-term receivables (Bn. VND)	·	0	0.06	0.05	0	0	0	14	0	0
Fixed assets (Bn. VND)	·	48	50	56	61	57	42	23	20	33
Tangible fixed assets	·	25	27	14	18	15	19	23	20	33
Intagible fixed assets	·	23	23	42	42	42	23	0	0	0
Investment in properties	·	19	20	21	22	23	24	25	0	0
Long-term investments (Bn. VND)	·	147	236	89	0	0	0	0	0	0
Investments in associate companies	·	147	147	0	0	0	0	0	0	0
Other long-term assets (Bn. VND)	·	0	89	89	0	0	0	0	0	0
Other non-current assets	·	0.10	0.06	0.2	1	0.5	0.9	1	0.1	0.2
Long-term prepayments (Bn. VND)	·	0.09	0.06	0.2	1	0.5	0.9	1	0.1	0.2
TOTAL ASSETS (Bn. VND)	·	814	797	915	924	463	451	409	414	104
LIABILITIES (Bn. VND)	·	52	45	34	53	62	73	51	77	62
Current liabilities (Bn. VND)	·	51	45	32	51	59	67	45	70	54
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	33	31	16	16	32	33	31	27	37
Advances from customers (Bn. VND)	·	3	2	5	4	8	3	6	2	9
Long-term liabilities (Bn. VND)	·	0.3	0.02	2	1	3	6	6	7	8
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0.02	0.6	1	3	5	6	7	8
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	762	752	882	871	401	378	357	338	42
Capital and reserves (Bn. VND)	·	762	752	882	871	401	378	357	338	42
Paid-in capital (Bn. VND)	·	716	716	682	682	320	320	320	320	40
Undistributed earnings (Bn. VND)	·	37	27	47	36	73	50	30	11	1
TOTAL RESOURCES (Bn. VND)	·	814	797	915	924	463	451	409	414	104
Common shares (Bn. VND)	·	716	716	682	682	320	320	320	320	40
MINORITY INTERESTSNet debt bridge	·	9	9	153	153	8	7	7	7	0.4

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

Remainder

M −2.03 · 65th 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

1.639

GMI

0.869

AQI

0.683

SGI

0.810

DEPI

1.147

SGAI

1.612

TATA

0.077

LVGI

1.123

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.5081st pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 18.2%89th 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

3.55

Safe Zone

Sharpe

−1.17

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 Burden0.78×Interest Burden0.89×Op. Margin0.06×Turnover0.29×Leverage1.07=ROE1.4%

Price Risk

Momentum

−40.1%

Volatility

35.1%

Max Drawdown

−48.1%

Key Ratios

Fiscal year 2025

13.39P/E

P/B: 0.18
P/S: 0.58
ROE: 1.4%
ROA: 1.3%
EPS: 141
BVPS: 10.522
Gross Margin: 11.2%
Net Margin: 4.4%
D/E: 0.04
Current Ratio: 10.86
Rev Growth: −18.8%
Profit Growth: −29.8%
EV/EBITDA: 7.13
Div Yield: —

Company Overview

Shares outstanding: 71.6M
Charter Capital: 716B VND
Sector (ICB L2): Hàng cá nhân & Gia dụng
Industry (ICB L3): Hàng gia dụng
Sub-industry: Thiết bị gia dụng
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Nguyễn Văn Hưng

Indiv

3.8%

2.7M

2026-06-30

Phạm Lương Bảo Ngọc

Indiv

0.3%

231,000

2025-12-31

Bùi Thị Hạnh Tâm

Indiv

0.2%

115,500

2025-12-31

Board & Management

Nguyễn Văn Hưng3.8%

Member of Management Board/General Director

Phạm Lương Bảo Ngọc0.3%

Chief Accountant

Nguyễn Quang Duy

Member of Management Board

Director-deal registrations · 12 months

Sale registrations: 3 by 2 traders; 3,000,000 shares · 1 without a stated volume
Purchase registrations: None

Trần Công Thành
Sale · Insider
—
2026-07-10
Nguyễn Văn Hưng
Sale · Insider
1,000,000
2026-01-26
Nguyễn Văn Hưng
Sale · Insider
2,000,000
2025-12-22

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

Also note

Valuation Breakdown

DCF Sensitivity

BKG among Consumer

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

BKG among Consumer