CMF

Công ty Cổ phần Thực phẩm Cholimex

VietnamConsumerThực phẩm và đồ uốngSản xuất thực phẩmUPCOMCT

389.000

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+11.9%Calibrated value vs last close

Last close (VND): 389.000
Calibrated intrinsic value (VND): 435.135

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 closing price is too old for comparison.
Trading liquidity is below the comparison threshold.
The model uses profit in place of cash flow, which was not available.

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 29 Oct 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 2026Close date unavailableRecalculated 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

0.910

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.10%

E/(D+E)

84.36%

Kd(1-t)

5.17%

D/(D+E)

15.64%

WACC

10.17%

Growth Estimate

fundamental firm blend10.46%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→254.08B

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)→389.000

Calibrated value vs last close→+11.9%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

435.135

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

Discount rate (WACC)10.17%

Growth rate10.46%growth method: fundamental firm blend

Base cash flow254.1 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	7.5%	9.0%	10.5%	12.0%	13.5%
8.2%	454.236	454.236	454.236	454.236	477.646
9.2%	436.050	436.050	454.236	454.236	454.236
10.2%	435.135	436.050	436.050	436.050	453.712
11.2%	435.135	435.135	435.135	436.050	436.050
12.2%	435.135	435.135	435.135	435.135	435.135

Above market priceBelow market priceCurrent estimate

CMF among Consumer

Every stock in the sector, CMF 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 CMF. 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)	·	1,067	1,041	999	1,045	864	751	582	449	375	332	315	254	193
Cash and cash equivalents (Bn. VND)Net debt bridge	·	276	193	163	186	168	104	134	77	85	83	49	49	11
Short-term investments (Bn. VND)Net debt bridge	·	292	325	302	343	377	318	108	23	2	1	1	2	1
Accounts receivable (Bn. VND)	·	237	259	255	205	167	149	165	186	143	98	118	76	63
Prepayments to suppliers (Bn. VND)	·	6	14	12	2	2	1	0.6	3	7	11	17	2	3
Net Inventories	·	262	265	277	309	152	180	175	162	145	148	146	124	104
Inventories, Net (Bn. VND)	·	262	265	277	309	152	180	175	162	145	148	146	124	104
Other current assets	·	0	0	2	2	0	0.09	0	0	0.7	1	1	4	13
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	3	1
LONG-TERM ASSETS (Bn. VND)	·	915	863	617	385	298	261	283	286	253	230	152	148	145
Fixed assets (Bn. VND)	·	761	532	214	234	243	258	267	272	246	149	142	144	138
Tangible fixed assets	·	731	502	183	202	209	225	232	237	209	111	103	91	87
Intagible fixed assets	·	30	30	30	32	33	34	35	35	37	38	39	40	41
Long-term investments (Bn. VND)	·	0	0	0	0	0	0	10	10	0	0	0	0	3
Investments in associate companies	·	0	0	0	0	0	0	0	0	0	0	0	0	0.3
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	3
Less: Provision for diminuation in value of long term investments	·	0	0	0	0	0	0	0	0	0	0	0	0	−0.3
Other non-current assets	·	125	129	133	135	0	0	0	0	6	10	6	5	4
Long-term prepayments (Bn. VND)	·	125	129	133	135	0	0	0	0	6	10	6	5	4
TOTAL ASSETS (Bn. VND)	·	1,982	1,904	1,617	1,430	1,162	1,011	865	736	628	563	468	403	337
LIABILITIES (Bn. VND)	·	587	725	621	600	492	467	414	399	363	327	244	200	149
Current liabilities (Bn. VND)	·	581	684	592	594	486	461	397	360	312	290	244	200	149
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	107	226	162	114	104	104	85	91	155	174	106	106	76
Advances from customers (Bn. VND)	·	25	36	16	9	13	8	4	4	5	5	5	2	0.3
Long-term liabilities (Bn. VND)	·	6	41	29	6	6	6	17	39	51	36	0	0	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	34	23	0	0	0	11	33	51	36	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,394	1,179	995	829	669	544	450	337	266	236	224	203	189
Capital and reserves (Bn. VND)	·	1,394	1,179	995	829	669	544	450	337	266	236	224	203	189
Paid-in capital (Bn. VND)	·	81	81	81	81	81	81	81	81	81	81	81	81	81
Investment and development funds (Bn. VND)	·	129	129	129	129	129	129	120	109	89	74	59	36	29
Other Reserves	·	0	0	0	0	0	0	9	0	0	0	0	0	0
Undistributed earnings (Bn. VND)	·	1,146	930	747	580	420	295	201	108	57	42	46	40	33
TOTAL RESOURCES (Bn. VND)	·	1,982	1,904	1,617	1,430	1,162	1,011	865	736	628	563	468	403	337
Common shares (Bn. VND)	·	81	81	81	81	81	81	81	81	81	81	81	81	81

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.83 · 21st pctile vs VN companies

YoY ▼ −0.28

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

0.835

GMI

1.002

AQI

0.447

SGI

1.099

DEPI

0.838

SGAI

0.977

TATA

−0.026

LVGI

0.777

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.0949th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.3%18th 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

8/9

Strong

Z-Score

6.82

Safe Zone

Sharpe

0.26

Positive

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 Burden0.80×Interest Burden1.02×Op. Margin0.09×Turnover2.06×Leverage1.42=ROE20.4%

Price Risk

Momentum

+11.0%

Volatility

86.8%

Max Drawdown

−25.6%

Key Ratios

Fiscal year 2025

11.06P/E

P/B: 2.26
P/S: 0.77
ROE: 22.1%
ROA: 14.7%
EPS: 35.178
BVPS: 172.150
Gross Margin: 28.0%
Net Margin: 7.0%
D/E: 0.08
Current Ratio: 1.84
Rev Growth: +9.8%
Profit Growth: +13.9%
EV/EBITDA: 6.97
Div Yield: 1.3%

Company Overview

Shares outstanding: 8.1M
Charter Capital: 81.0B VND
Sector (ICB L2): Thực phẩm và đồ uống
Industry (ICB L3): Sản xuất thực phẩm
Sub-industry: Thực phẩm
Company Type: CT

Ownership network

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

Shareholders

Công ty Cổ phần Xuất nhập khẩu và Đầu tư Chợ Lớn (CHOLIMEX)

Inst

40.7%

3.3M

2026-06-30

Công ty TNHH MTV Thực Phẩm Masan

Inst

32.8%

2.7M

2024-12-31

Nichirei Foods Inc.

Inst

19.0%

1.5M

2024-12-31

Diệp Nam Hải

Indiv

0.3%

21,000

2026-06-30

Dương Văn Hùng

Indiv

0.1%

10,600

2021-12-31

Board & Management

Diệp Nam Hải0.3%

Member of Management Board/General Director

Nguyễn Thị Huyền Trang

Member of Management Board/Deputy General Director

Nguyễn Thị Bích Ngọc

Chief Financial Officer/Chief Accountant

Hồ Ngọc Hương

Deputy General Director

Top connections

TIX40.7%

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

CMF among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

CMF among Consumer