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VietnamConsumerHàng & Dịch vụ Công nghiệpTư vấn & Hỗ trợ Kinh doanhHNXCT
88.300
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
−3.0%Calibrated value vs last close
Last close (VND)
88.300
Calibrated intrinsic value (VND)
85.673

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. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 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.

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.

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.

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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.36%
+
Betasector default
1.000
x
ERP
4.38%
+
CRP
2.75%
=
Cost of Equity (Ke)
11.49%
Ke
11.49%
x
E/(D+E)
100.00%
+
Kd(1-t)
0.00%
x
D/(D+E)
0.00%
=
WACC
11.49%
2
Growth Estimate
fundamental firm blend8.00%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF→3.59B
Projection years→10
4
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)→88.300
Calibrated value vs last close→−3.0%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
85.673
What feeds each step— click a source to highlight it in the statements
Discount rate (WACC)11.49%
Growth rate8.00%growth method: fundamental firm blend
Base cash flow3.6 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 \ Growth5.0%6.5%8.0%9.5%11.0%
9.5%85.67385.67389.52189.52189.521
10.5%85.67385.67385.67385.67389.521
11.5%85.67385.67385.67385.67385.673
12.5%81.41085.67385.67385.67385.673
13.5%71.57571.57579.53885.67385.673
Above market priceBelow market priceCurrent estimate
Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation
Line item20262025202420232022
CURRENT ASSETS (Bn. VND)
·24291813
Cash and cash equivalents (Bn. VND)Net debt bridge
·21337
Accounts receivable (Bn. VND)
·1513124
Prepayments to suppliers (Bn. VND)
·3331
Net Inventories
·0.91.00.70.4
Inventories, Net (Bn. VND)
·0.91.00.70.4
Other current assets
·6322
LONG-TERM ASSETS (Bn. VND)
·38343235
Long-term trade receivables (Bn. VND)
·00.60.71.0
Other long-term receivables (Bn. VND)
·00.60.71.0
Fixed assets (Bn. VND)
·28282732
Tangible fixed assets
·16161620
Intagible fixed assets
·12121212
Other non-current assets
·10542
Long-term prepayments (Bn. VND)
·10542
TOTAL ASSETS (Bn. VND)
·62635048
LIABILITIES (Bn. VND)
·4579
Current liabilities (Bn. VND)
·4579
Advances from customers (Bn. VND)
·0.0300.030.02
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)
·58584339
Capital and reserves (Bn. VND)
·58584339
Paid-in capital (Bn. VND)
·56513232
Undistributed earnings (Bn. VND)
·38117
TOTAL RESOURCES (Bn. VND)
·62635048
Common shares (Bn. VND)
·56513232

Earnings Quality

Fiscal year 2025
28
Poor
Accrual Quality
58
Cash Conversion
0
Receivables
27
Margin Stability
51
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −1.45 · 80th pctile vs VN companies
YoY ▲ +0.63
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
1.166
GMI
0.992
AQI
1.837
SGI
1.022
DEPI
0.884
SGAI
1.154
TATA
0.107
LVGI
0.823

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−0.5916th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
4.9%67th 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 company's Beneish M-Score is -1.4528 (80th percentile vs Vietnamese peers) with a year-over-year rise of +0.63, indicating accounting metrics have moved toward more aggressive values relative to peers even though the raw score is above the US -1.78 cutoff. Earnings-quality metrics are mixed: an overall Earnings Quality Score of 27.5/100 driven by very poor cash conversion (0.0/100) and revenue quality (0.0/100), while Altman Z-Score is 15.96 (in the safe zone) and the Piotroski F-Score is neutral at 4/9.

Red Flags
  • Beneish M-Score -1.4528 (80th percentile among Vietnamese peers): the company ranks in the top 20% for more aggressive accounting signals vs VN peers, and the M-Score increased by +0.63 year-over-year (the trajectory moved toward greater aggressiveness).
  • DSRI 1.1658: days-sales-in-receivables index >1 suggests receivables growing faster than sales, a signal often associated with revenue recognition or collection timing changes.
  • AQI 1.8370: a high asset quality index implies more assets classified outside typical operating categories (e.g., long-term receivables, prepayments) which can mask earnings or shift expenses to the balance sheet.
  • SGAI 1.1541: selling, general & administrative expenses growing faster than sales, which can reflect cost recognition shifts or margin pressure that may be managed via other accounting choices.
  • TATA 0.1074 (total accruals to total assets positive): accruals are contributing to reported earnings rather than being converted from cash, consistent with weak cash conversion (see below).
  • Earnings-Quality sub-scores: Cash conversion 0.0/100 and Revenue quality 0.0/100 — profits are not translating into cash and revenue reliability is flagged as poor.
  • Three-year cash conversion (operating cash flow / net profit) = -0.59 (16th percentile vs VN peers): operating cash flow is weak relative to reported profit, placing the company low in the Vietnamese distribution (low = profit not turning into cash).
Positive Signals
  • Altman Z-Score 15.96: places the company well inside the safe zone on bankruptcy-distance metrics (low short-term insolvency risk by that model).
  • Piotroski F-Score 4/9: a neutral score indicating mixed fundamental signals (neither strongly improving nor deteriorating across profitability, leverage/liquidity, and operating efficiency indicators).
  • Receivables outside the trade cycle = 4.9% of total assets (67th percentile vs VN peers): this is elevated but not extreme relative to peers, suggesting some non-trade receivables/prepayments exist at a level higher than about one-third of companies.
  • No accumulated losses and owner's equity (excluding minority interest) is positive; parent net loss count = 0 years to FY2025 — the statutory balance-sheet indicators show no statutory loss flags.
Ownership Risk

Ownership is concentrated among individuals: top five holders include Bùi Trung Thành 14.3%, Trần Lê An 10.4%, Trần Hà Linh 7.5%, and Nguyễn Thị Quỳnh Anh 7.2%, with an institutional holder VISAKAI at 7.2%. Director/insider trading activity shows registrations but not executed trades: 11 sale registrations (7 traders; 1,496,110 shares; 7 registrations without a volume) and 6 purchase registrations (6 traders; 6 without a volume) between 2025-10-30 and 2026-10-30.

To check in the filings
  • Compare the note(s) on 'other long-term receivables', 'prepayments' and 'loans to related parties' in the FY2025 financial statements to the line items that sum to 4.9% of total assets to determine composition and counterparties.
  • Reconcile operating cash flow to net profit in the cash-flow statement and the management discussion to explain the three-year cash conversion ratio of -0.59; identify the major non-cash items and working-capital movements driving the gap.
  • Inspect the revenue recognition note and the trade receivables schedule for aging; compare the DSRI-related change (implied by DSRI 1.1658) to year-over-year changes in receivables and sales.
  • Review related-party transaction disclosures and the schedule of prepayments to see whether material balances are with group companies or insiders, given the elevated AQI (1.8370) and presence of individual majority holders.

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

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
15.96
Safe Zone
Sharpe
2.17
Above 1
Composite
10
Below 30
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 Burden0.92×Op. Margin0.08×Turnover0.69×Leverage1.06=ROE4.3%
Price Risk
Momentum
−4.1%
Volatility
92.6%
Max Drawdown
−32.3%

Key Ratios

Fiscal year 2025
177.60P/E
P/B
7.66
P/S
10.49
ROE
4.3%
ROA
4.0%
EPS
453
BVPS
10.500
Gross Margin
35.1%
Net Margin
5.9%
D/E
0.00
Current Ratio
6.42
Rev Growth
+2.2%
Profit Growth
−37.7%
EV/EBITDA
58.83
Div Yield
0.6%

Company Overview

Shares outstanding
5.6M
Charter Capital
55.7B VND
Sector (ICB L2)
Hàng & Dịch vụ Công nghiệp
Industry (ICB L3)
Tư vấn & Hỗ trợ Kinh doanh
Sub-industry
Đào tạo & Việc làm
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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