CVN

Công ty Cổ phần Vinam

VietnamConsumerY tếThiết bị và Dịch vụ Y tếUPCOMCT

1.400

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+36.3%Calibrated value vs last close

Last close (VND): 1.400
Calibrated intrinsic value (VND): 1.909

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

Recent losses require review of cash-flow assumptions.

Also note

The model’s gap was capped before calibration.
Trading liquidity is low.
A release of working capital contributes to cash flow.
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: 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 2026Anchored to close on 2 Nov 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)

88.86%

Kd(1-t)

5.24%

D/(D+E)

11.14%

WACC

10.44%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→38.12B

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)→1.400

Calibrated value vs last close→+36.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

1.909

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

Discount rate (WACC)10.44%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow38.1 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%
8.4%	1.909	1.909	1.909	1.909	1.909
9.4%	1.909	1.909	1.909	1.909	1.909
10.4%	1.909	1.909	1.909	1.909	1.909
11.4%	1.909	1.909	1.909	1.909	1.909
12.4%	1.909	1.909	1.909	1.909	1.909

Above market priceBelow market priceCurrent estimate

CVN among Consumer

Every stock in the sector, CVN 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 CVN. 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)	·	34	71	451	355	262	152	153	103	87	29	4	5	11
Cash and cash equivalents (Bn. VND)Net debt bridge	·	2	2	7	90	9	16	5	4	11	3	0.01	0.01	0.09
Short-term investments (Bn. VND)Net debt bridge	·	0	0	20	39,713	39,713	10	72	24	2	4	307,032	307,032	307,032
Accounts receivable (Bn. VND)	·	17	55	379	228	184	102	35	31	73	22	4	5	7
Prepayments to suppliers (Bn. VND)	·	4	5	0.3	118	155	38	33	31	21	0	0.5	0.8	0.9
Net Inventories	·	14	13	43	36	69	23	40	43	2	0	0	0	0
Inventories, Net (Bn. VND)	·	14	13	43	36	69	23	40	43	2	0	0	0	0.5
Other current assets	·	1.0	0.8	2	2	0.6	0.3	0.05	0.2	0.02	0.1	0.00	0	3
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	3
LONG-TERM ASSETS (Bn. VND)	·	429	400	28	46	30	10	3	0	34	34	22	22	20
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0.05	0	7	10	5
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0.05	0	0	3	0
Fixed assets (Bn. VND)	·	6	8	13	20	11	0	0	0	0	0	0.3	0.4	0.8
Tangible fixed assets	·	4	5	8	12	2	0	0	0	0	0	0.06	0.2	0.6
Intagible fixed assets	·	2	3	5	8	9	0	0	0	0	0	0.3	0.3	0.3
Long-term investments (Bn. VND)	·	412	381	0	0	0	0	0	0	34	34	15	11	14
Investments in associate companies	·	383	351	0	0	0	0	0	0	15	15	15	11	11
Other long-term assets (Bn. VND)	·	30	30	0	0	0	0	0	0	19	19	0	0	3
Less: Provision for diminuation in value of long term investments	·	−0.4	−0.07	0	0	0	0	0	0	0	0	0	0	0
Other non-current assets	·	1	1	2	2	2	0.07	0.00	0	0	0	0	0	0
Long-term prepayments (Bn. VND)	·	1	1	2	2	2	0.07	0.00	0	0	0	0	0	0
TOTAL ASSETS (Bn. VND)	·	463	470	478	401	292	162	155	103	121	62	26	27	31
LIABILITIES (Bn. VND)	·	68	66	74	9	7	7	14	2	45	41	3	5	6
Current liabilities (Bn. VND)	·	68	66	74	9	7	4	1	2	45	41	3	5	6
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	50	54	38	0.3	0.2	0	0	0	40	32	0	1	1
Advances from customers (Bn. VND)	·	2	0	0	0	0	0	0	0	0	0	0	0	0
Long-term liabilities (Bn. VND)	·	0	0	0	0.2	0	3	13	0	0.03	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	395	405	404	392	286	155	141	101	76	22	23	22	25
Capital and reserves (Bn. VND)	·	395	405	404	392	286	155	141	101	76	22	23	22	25
Paid-in capital (Bn. VND)	·	297	297	297	297	198	115	83	83	83	33	33	33	33
Investment and development funds (Bn. VND)	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1
Undistributed earnings (Bn. VND)	·	70	78	77	65	58	36	56	16	−10	−13	−13	−13	−10
TOTAL RESOURCES (Bn. VND)	·	463	470	478	401	292	162	155	103	121	62	26	27	31
Short-term loans receivables (Bn. VND)	·	1	2	0	0	0	35	0	0	3	3	0	0	0
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	3	3	0
Common shares (Bn. VND)	·	297	297	297	297	198	115	83	83	83	33	33	33	33
MINORITY INTERESTSNet debt bridge	·	10	10	11	12	11	0.2	0	0	0	0	0	0	0

Earnings Quality

Fiscal year 2025

Fair

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 −3.73 · 4th pctile vs VN companies

YoY ▼ −1.03

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

0.617

GMI

1.308

AQI

1.097

SGI

0.495

DEPI

0.811

SGAI

1.801

TATA

−0.101

LVGI

1.046

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 50.6299th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.1%37th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 1
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

3/9

Weak

Z-Score

0.51

Distress Zone

Sharpe

−1.02

Negative

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 Burden1.03×Interest Burden1.01×Op. Margin−0.19×Turnover0.10×Leverage1.17=ROE−2.3%

Price Risk

Momentum

−62.9%

Volatility

95.0%

Max Drawdown

−73.0%

Key Ratios

Fiscal year 2025

—P/E

P/B: 0.10
P/S: 0.81
ROE: −2.3%
ROA: −1.9%
EPS: −297
BVPS: 12.987
Gross Margin: 10.4%
Net Margin: −19.3%
D/E: 0.13
Current Ratio: 0.51
Rev Growth: −50.5%
Profit Growth: −941.5%
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 29.7M
Charter Capital: 297B VND
Sector (ICB L2): Y tế
Industry (ICB L3): Thiết bị và Dịch vụ Y tế
Sub-industry: Thiết bị y tế
Company Type: CT

Ownership network

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

Shareholders

Huỳnh Cẩm Đoan

Indiv

11.7%

380,600

2017-08-31

Nguyễn Thị Mỹ Nhung

Indiv

5.0%

1.5M

2023-01-13

Phạm Duy Khánh

Indiv

4.9%

160,000

2014-04-07

Nguyễn Nhật Minh

Indiv

4.9%

400,600

2020-08-17

Lê Đức Khanh

Indiv

4.8%

950,000

2022-02-28

Ngô Văn Bình

Indiv

4.5%

900,000

2021-02-02

Nguyễn Minh Tuấn

Indiv

2.8%

838,800

2023-05-22

Nguyễn Mạnh Cường

Indiv

2.8%

820,000

2023-05-16

Công ty Cổ phần Đầu tư SME

Inst

1.6%

300,000

2021-12-31

Vũ Văn Ngát

Indiv

1.6%

130,000

2019-03-21

Lotus - Mekong River Equity Fund

Inst

1.5%

49,500

2013-08-27

Công ty Cổ phần Quản Lý Quỹ Bông Sen

Inst

0.8%

161,000

2021-12-31

Nguyễn Tiến Sỹ

Indiv

0.5%

14,750

2014-12-31

Nguyễn Hồng Hạnh

Indiv

0.5%

14,750

2015-08-26

Đào Văn Hùng

Indiv

0.5%

14,750

2014-12-31

Trần Văn Khánh

Indiv

0.5%

14,750

2012-08-06

Nguyễn Thị Vân Anh

Indiv

0.5%

14,750

2015-08-26

Lê Xuân Hùng

Indiv

0.2%

5,000

2010-12-31

Board & Management

Nguyễn Mạnh Cường2.8%

Person in charge of Corporate governace/Member of Management Board/Director

Đào Thị Thanh

Head of Supervisors Board

Hà Thị Thu Trang

Head of Internal auditor/Independent Member of Management Board

Trần Út Hạnh

Internal auditor

Huỳnh Thị Tuyết Nhung

Internal auditor

Cao Thị Minh Nguyệt

Spokesman/Chief Accountant

Nguyễn Thị Hà

Member of Supervisors Board

Takishita Akira

Chairman of Management Board

Top connections

TTZ2.7%FCN1.8%

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

CVN among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

CVN among Consumer