CPH

Công ty Cổ phần Phục vụ Mai táng Hải Phòng

VietnamConsumerBán lẻUPCOMCT

300

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+36.3%Calibrated value vs last close

Last close (VND): 300
Calibrated intrinsic value (VND): 409

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 date of the last close could not be confirmed.
Trading liquidity is below the comparison threshold.
The latest cash flow is zero or negative.

Also note

The model’s gap was capped before calibration.
A release of working capital contributes to cash flow.
Net cash exceeds the market value of the company; the step from enterprise value to equity needs a check.
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 2026

Model reliability: Very 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→Bán lẻ→Consumer

Classified as consumer because ICB sector “Bán lẻ” 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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

11.10%

Growth Estimate

fundamental firm blend5.72%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→19.71B

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)→300

Calibrated value vs last close→+36.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

409

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

Discount rate (WACC)11.10%

Growth rate5.72%growth method: fundamental firm blend

Base cash flow19.7 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	2.7%	4.2%	5.7%	7.2%	8.7%
9.1%	409	409	409	409	409
10.1%	409	409	409	409	409
11.1%	409	409	409	409	409
12.1%	409	409	409	409	409
13.1%	409	409	409	409	409

Above market priceBelow market priceCurrent estimate

CPH among Consumer

Every stock in the sector, CPH 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 CPH. 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
CURRENT ASSETS (Bn. VND)	·	176	176	150	125	93	71	63	54	42	53	49
Cash and cash equivalents (Bn. VND)Net debt bridge	·	55	66	43	31	19	9	13	14	11	16	20
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	0	0	0	0	0	0.8	0.7
Accounts receivable (Bn. VND)	·	11	8	7	11	7	5	6	4	3	6	5
Prepayments to suppliers (Bn. VND)	·	3	4	3	5	2	0.2	0.5	0.2	0	0	0
Net Inventories	·	111	103	100	83	67	56	43	36	28	31	23
Inventories, Net (Bn. VND)	·	111	103	100	83	67	56	43	36	28	31	23
Other current assets	·	0	0.09	0.1	0	0	0.3	0.4	0.3	0.6	0.2	0.1
LONG-TERM ASSETS (Bn. VND)	·	70	44	44	47	44	42	43	47	46	44	38
Fixed assets (Bn. VND)	·	35	15	18	22	25	29	33	38	36	36	31
Tangible fixed assets	·	35	15	18	22	25	29	33	38	36	36	31
Other non-current assets	·	34	29	26	25	17	11	9	8	7	7	7
Long-term prepayments (Bn. VND)	·	3	2	3	5	5	4	3	3	4	2	2
TOTAL ASSETS (Bn. VND)	·	246	221	194	172	137	112	106	101	88	98	87
LIABILITIES (Bn. VND)	·	196	163	136	114	87	63	56	51	37	47	41
Current liabilities (Bn. VND)	·	196	163	136	114	87	63	56	51	37	47	41
Advances from customers (Bn. VND)	·	146	124	104	85	56	30	25	21	12	18	22
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	50	58	58	58	50	50	50	50	51	51	46
Capital and reserves (Bn. VND)	·	50	57	56	56	47	46	46	46	45	45	44
Paid-in capital (Bn. VND)	·	44	44	44	44	44	44	44	44	44	44	44
Investment and development funds (Bn. VND)	·	5	4	3	3	3	2	2	2	1	0.7	0.2
Undistributed earnings (Bn. VND)	·	1	9	9	9	0	0	0	0	0	0	0
Budget sources and other funds	·	0.5	1.0	2	2	3	3	4	5	6	6	2
Budget sources and other funds	·	0	0	0	0	0	3	0	0	0	0	−0.1
TOTAL RESOURCES (Bn. VND)	·	246	221	194	172	137	112	106	101	88	98	87
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	5	5
Common shares (Bn. VND)	·	44	44	44	44	44	44	44	44	44	44	44

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.12 · 60th 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

1.422

GMI

1.070

AQI

1.036

SGI

0.998

DEPI

1.866

SGAI

0.930

TATA

−0.035

LVGI

1.079

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.1877th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.4%42nd 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

4/9

Neutral

Z-Score

0.71

Distress Zone

Sharpe

0.00

Negative

Composite

70 and above

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 Burden1.03×Op. Margin0.09×Turnover0.61×Leverage4.88=ROE22.0%

Price Risk

Momentum

+0.0%

Volatility

0.0%

Max Drawdown

0.0%

Key Ratios

Fiscal year 2025

0.12P/E

P/B: 0.03
P/S: 0.01
ROE: 20.5%
ROA: 4.8%
EPS: 2.528
BVPS: 11.474
Gross Margin: 27.6%
Net Margin: 7.3%
D/E: 0.00
Current Ratio: 0.90
Rev Growth: −0.2%
Profit Growth: +3.1%
EV/EBITDA: —
Div Yield: 653.3%

Company Overview

Shares outstanding: 4.4M
Charter Capital: 44.0B VND
Sector (ICB L2): Bán lẻ
Industry (ICB L3): Bán lẻ
Sub-industry: Dịch vụ tiêu dùng chuyên ngành
Company Type: CT

Ownership network

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

Shareholders

Ủy Ban Nhân Dân Thành Phố Hải Phòng

State

64.5%

2.8M

2024-12-31

Công ty TNHH Đầu Tư Công Trình Và Thương Mại Hoàng Phát

Inst

10.0%

440,000

2024-12-31

Bùi Thị Tuân

Indiv

2.4%

103,800

2016-07-25

Nguyễn Hữu Long

Indiv

1.2%

54,500

2024-06-30

Trần Văn Phú

Indiv

0.5%

23,900

2024-06-30

Board & Management

Nguyễn Hữu Long1.2%

Deputy General Director

Trần Văn Phú0.5%

Deputy General Director

Top connections

HPW80.6%DDH65.0%

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

CPH among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

CPH among Consumer