CDP

Công ty Cổ phần Dược phẩm Trung ương Codupha

VietnamConsumerY tếDược phẩmUPCOMCT

10.200

VND · Close 27 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+12.1%Calibrated value vs last close

Last close (VND): 10.200
Calibrated intrinsic value (VND): 11.434

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.

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 26 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 27 Oct 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

0.910

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.10%

E/(D+E)

19.78%

Kd(1-t)

3.49%

D/(D+E)

80.22%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→48.70B

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)→10.200

Calibrated value vs last close→+12.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

11.434

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

Discount rate (WACC)10.00%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow48.7 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%
8.0%	11.410	11.410	11.410	11.410	11.698
9.0%	8.049	9.404	10.341	10.341	10.341
10.0%	N/A	N/A	N/A	N/A	N/A
11.0%	N/A	N/A	N/A	N/A	N/A
12.0%	N/A	N/A	N/A	N/A	N/A

Above market priceBelow market priceCurrent estimate

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2014	2013
CURRENT ASSETS (Bn. VND)	·	2,226	1,934	1,949	1,886	1,803	1,992	1,571	1,589	1,797	1,648	1,382	1,218
Cash and cash equivalents (Bn. VND)Net debt bridge	·	31	22	50	31	87	33	68	56	96	79	50	55
Short-term investments (Bn. VND)Net debt bridge	·	0.3	0	0	0	0	10	0	0	0	0	0	0
Accounts receivable (Bn. VND)	·	1,238	1,012	1,025	1,102	1,039	1,155	931	948	1,037	852	760	735
Prepayments to suppliers (Bn. VND)	·	14	18	22	36	12	51	36	28	19	20	10	7
Net Inventories	·	945	885	860	738	661	775	559	573	649	698	552	417
Inventories, Net (Bn. VND)	·	946	891	865	747	665	777	561	574	650	698	555	420
Other current assets	·	12	14	13	15	15	20	13	13	16	20	20	12
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	11	9
LONG-TERM ASSETS (Bn. VND)	·	188	201	212	224	234	245	262	233	229	215	83	81
Long-term trade receivables (Bn. VND)	·	0.7	0.7	2	2	2	0	2	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	0.7	0.7	2	2	2	0	2	0	0	0	0	0
Fixed assets (Bn. VND)	·	151	164	175	185	193	206	218	190	102	161	61	63
Tangible fixed assets	·	76	86	93	101	108	118	127	133	44	102	50	52
Intagible fixed assets	·	76	79	82	84	85	88	90	57	59	59	10	7
Long-term investments (Bn. VND)	·	33	34	35	34	34	34	38	37	43	42	18	18
Investments in associate companies	·	4	4	5	5	5	5	4	4	3	3	17	17
Other long-term assets (Bn. VND)	·	29	29	29	29	29	29	33	33	39	39	0.5	0.5
Other non-current assets	·	2	2	0.7	1	3	3	3	5	1	10	4	0
Long-term prepayments (Bn. VND)	·	2	2	0.7	1	3	3	3	5	1	10	4	0
TOTAL ASSETS (Bn. VND)	·	2,414	2,135	2,161	2,110	2,036	2,237	1,833	1,823	2,026	1,863	1,465	1,299
LIABILITIES (Bn. VND)	·	2,186	1,917	1,957	1,905	1,825	2,025	1,618	1,613	1,821	1,670	1,304	1,152
Current liabilities (Bn. VND)	·	2,157	1,888	1,898	1,841	1,775	1,969	1,552	1,559	1,763	1,603	1,304	1,150
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	963	852	763	681	789	803	709	574	656	669	542	521
Advances from customers (Bn. VND)	·	26	15	28	35	48	36	9	31	25	51	42	19
Long-term liabilities (Bn. VND)	·	29	29	59	64	50	56	66	53	59	66	0	2
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	29	29	29	34	38	44	54	40	46	53	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	228	217	204	205	211	211	215	210	204	194	161	148
Capital and reserves (Bn. VND)	·	228	217	204	205	211	211	215	210	204	194	161	148
Paid-in capital (Bn. VND)	·	183	183	183	183	183	183	183	183	183	183	76	76
Other Reserves	·	0	0	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0	0
Foreign Currency Difference reserve	·	0	0	−9	−8	−2	4	4	5	5	5	0	0
Investment and development funds (Bn. VND)	·	9	9	9	9	9	9	9	9	4	4	59	53
Undistributed earnings (Bn. VND)	·	37	26	21	21	21	15	18	11	10	−0.4	26	19
TOTAL RESOURCES (Bn. VND)	·	2,414	2,135	2,161	2,110	2,036	2,237	1,833	1,823	2,026	1,863	1,465	1,299
Common shares (Bn. VND)	·	183	183	183	183	183	183	183	183	183	183	76	76
MINORITY INTERESTSNet debt bridge	·	0	0	0.5	0.7	1	1	1	2	2	2	0	0

◆vnvalue Research Note

Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

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 −2.01 · 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

1.195

GMI

1.114

AQI

0.882

SGI

1.024

DEPI

0.968

SGAI

0.885

TATA

0.052

LVGI

1.008

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −3.727th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.6%27th 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 trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.54

Distress Zone

Sharpe

0.12

Positive

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 Burden0.87×Interest Burden1.01×Op. Margin0.01×Turnover1.36×Leverage10.60=ROE15.5%

Price Risk

Momentum

+17.9%

Volatility

68.9%

Max Drawdown

−43.8%

Key Ratios

Fiscal year 2025

5.25P/E

P/B: 0.82
P/S: 0.06
ROE: 15.9%
ROA: 1.6%
EPS: 1.944
BVPS: 12.505
Gross Margin: 6.6%
Net Margin: 1.1%
D/E: 4.36
Current Ratio: 1.03
Rev Growth: +3.1%
Profit Growth: +85.6%
EV/EBITDA: 16.11
Div Yield: 8.8%

Company Overview

Shares outstanding: 18.2M
Charter Capital: 182B VND
Sector (ICB L2): Y tế
Industry (ICB L3): Dược phẩm
Sub-industry: Dược phẩm
Company Type: CT

Ownership network

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

Shareholders

Tổng Công ty Dược Việt Nam

Inst

66.3%

12.1M

2026-06-30

Công ty Cổ phần Chứng khoán DSC

Inst

14.9%

2.7M

2026-06-30

Công ty Cổ phần Quản lý Quỹ NTP

Inst

8.3%

1.5M

2026-06-30

Board & Management

Bùi Hữu Hiền

Chairman of Management Board

Lê Văn Sơn

Chairman of Management Board

Chu Thị Bích Hồng

Spokesman

Top connections

DP166.3%TW366.3%UPH66.3%DAN66.3%DP366.3%IMP66.3%VDP2 links MKP66.3%OPC66.3%MED66.3%VMD66.3%MTP66.3%

Director-deal registrations · 12 months

Sale registrations: 2 by 1 trader; 6,940,000 shares
Purchase registrations: 2 by 2 traders; 2 without a stated volume

Công ty Cổ phần Chứng khoán DSC
Purchase · Institution
—
2026-03-18
Công ty Cổ phần Quản lý Quỹ NTP
Purchase · Institution
—
2026-03-18
Công ty Cổ phần Dược phẩm Bến Tre
Sale · Institution
3,470,000
2026-03-13
Công ty Cổ phần Dược phẩm Bến Tre
Sale · Institution
3,470,000
2026-02-09

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

Valuation Breakdown

DCF Sensitivity

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