DGW

Công ty Cổ phần Thế Giới Số

VietnamConsumerBán lẻHOSECT

38.150

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+6.8%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 38.150
Calibrated intrinsic value (VND): 40.748

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.

Model reliability: Medium; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: 48.2%; 12 monthsHistorical calibration; Chance the return beats the median return of its sector peers.

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.

12-month sector-relative outlook

−0.6percentage points

Consumer12 monthsBack-test 2015–2024

Median 12-month return difference versus Consumer peers, for model gaps like this one.

Not an absolute return forecast.
Not a price target.
A stock can underperform its sector and still rise.

Computed 30 Oct 2026Not updated with daily prices

Sector calibration span · percentage points

−9.5+5.5

The sector’s historical range, not a prediction interval for this stock.
Actual returns can fall outside it.

Published filingsValued 30 Oct 2026Anchored to close on 2 Nov 2026Recalculated 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

1.111

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.98%

E/(D+E)

54.50%

Kd(1-t)

3.76%

D/(D+E)

45.50%

WACC

10.00%

Growth Estimate

fundamental firm blend5.03%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→62.93B

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)→38.150

Calibrated value vs last close→+6.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

40.748

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

Discount rate (WACC)10.00%

Growth rate5.03%growth method: fundamental firm blend

Base cash flow62.9 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	2.0%	3.5%	5.0%	6.5%	8.0%
8.0%	N/A	N/A	N/A	N/A	N/A
9.0%	N/A	N/A	N/A	N/A	N/A
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

DGW among Consumer

Every stock in the sector, DGW marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one stock in the sector; the amber bead with its stem is DGW. 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)	·	10,704	7,772	6,802	5,782	6,255	2,862	2,288	2,118	1,502	1,218	1,171	1,207	890
Cash and cash equivalents (Bn. VND)Net debt bridge	·	1,742	1,407	1,450	828	1,494	878	131	71	34	33	32	68	151
Short-term investments (Bn. VND)Net debt bridge	·	697	2	0	0	0	0	0	0	0	5	5	5	5
Accounts receivable (Bn. VND)	·	3,517	2,634	2,167	1,579	1,786	1,131	585	601	482	361	349	315	280
Prepayments to suppliers (Bn. VND)	·	148	118	92	37	83	29	8	40	89	10	18	22	0.9
Net Inventories	·	4,436	3,501	3,016	3,254	2,888	827	1,454	1,314	883	714	670	732	386
Inventories, Net (Bn. VND)	·	4,572	3,628	3,143	3,445	2,910	843	1,469	1,321	887	716	670	732	386
Other current assets	·	312	228	168	121	87	25	118	132	103	106	116	88	67
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	26
LONG-TERM ASSETS (Bn. VND)	·	555	728	657	573	289	207	118	105	92	88	84	86	87
Long-term trade receivables (Bn. VND)	·	14	67	15	22	18	9	4	4	2	2	2	2	0
Other long-term receivables (Bn. VND)	·	14	67	15	22	18	9	4	4	2	2	2	2	0
Fixed assets (Bn. VND)	·	127	172	131	96	94	88	81	84	84	85	81	83	80
Tangible fixed assets	·	56	67	38	32	34	27	20	23	27	28	24	26	23
Intagible fixed assets	·	71	105	93	63	60	61	62	62	57	57	57	57	57
Long-term investments (Bn. VND)	·	37	12	19	71	65	60	6	4	0	0	0	0	5
Investment in joint ventures	·	0	0	0	0	0	0	0	0	0	0	0	0	5
Investments in associate companies	·	14	12	19	62	65	59	6	4	0	0	0	0	0
Other long-term assets (Bn. VND)	·	40	0	0	9	0.7	0.6	0.6	0	0	0	0	0	0
Less: Provision for diminuation in value of long term investments	·	−17	0	0	0	0	0	0	0	0	0	0	0	0
Other non-current assets	·	377	475	477	384	112	50	26	12	6	0.6	0.6	0.5	2
Long-term prepayments (Bn. VND)	·	17	31	20	9	5	5	7	6	0.5	0.6	0.6	0.5	0.5
TOTAL ASSETS (Bn. VND)	·	11,259	8,499	7,459	6,355	6,545	3,069	2,405	2,223	1,594	1,306	1,256	1,293	977
LIABILITIES (Bn. VND)	·	7,787	5,487	4,832	3,932	4,764	1,910	1,480	1,457	905	677	647	958	726
Current liabilities (Bn. VND)	·	7,782	5,485	4,816	3,882	4,753	1,906	1,476	1,452	902	673	619	928	692
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	2,899	2,487	2,321	1,915	1,117	630	620	837	621	343	423	603	454
Advances from customers (Bn. VND)	·	278	159	139	96	72	67	2	13	3	10	4	66	12
Long-term liabilities (Bn. VND)	·	5	3	16	50	10	5	4	5	3	4	28	30	34
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	6	41	0	0	0	0	0	0	23	29	33
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	3,472	3,012	2,627	2,423	1,781	1,159	925	766	689	630	609	335	250
Capital and reserves (Bn. VND)	·	3,472	3,012	2,627	2,423	1,781	1,159	925	766	689	630	609	335	250
Paid-in capital (Bn. VND)	·	2,213	2,193	1,672	1,632	886	432	420	408	408	306	306	108	108
Investment and development funds (Bn. VND)	·	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0	0
Undistributed earnings (Bn. VND)	·	1,163	725	867	707	838	670	446	303	224	177	156	274	189
TOTAL RESOURCES (Bn. VND)	·	11,259	8,499	7,459	6,355	6,545	3,069	2,405	2,223	1,594	1,306	1,256	1,293	977
Short-term loans receivables (Bn. VND)	·	86	54	42	24	6	0	0.4	0	0	0	0	0	0
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0.3	0	0	0	0	0	0
Common shares (Bn. VND)	·	2,213	2,193	1,672	1,632	886	432	420	408	408	306	306	108	108
Good will (Bn. VND)	·	218	342	353	277	3	4	0	5	5	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	40	38	32	29	2	2	4	1.0	2	0	0	0	0

Earnings Quality

Fiscal year 2025

Weak

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 −2.10 · 62nd pctile vs VN companies

YoY ▲ +0.00

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

1.107

GMI

1.073

AQI

0.582

SGI

1.206

DEPI

0.850

SGAI

0.864

TATA

0.053

LVGI

1.071

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.2527th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.2%51st 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.

Quantitative Scores

F-Score

1/9

Weak

Z-Score

3.68

Safe Zone

Sharpe

0.21

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 Burden0.81×Interest Burden1.03×Op. Margin0.03×Turnover2.37×Leverage3.24=ROE16.0%

Price Risk

Momentum

+20.3%

Volatility

38.5%

Max Drawdown

−39.4%

Key Ratios

Fiscal year 2025

16.71P/E

P/B: 2.67
P/S: 0.34
ROE: 17.1%
ROA: 5.5%
EPS: 2.475
BVPS: 15.517
Gross Margin: 8.7%
Net Margin: 2.1%
D/E: 0.83
Current Ratio: 1.38
Rev Growth: +20.8%
Profit Growth: +23.4%
EV/EBITDA: 12.55
Div Yield: 1.2%

Company Overview

Shares outstanding: 223M
Charter Capital: 2,234B VND
Sector (ICB L2): Bán lẻ
Industry (ICB L3): Bán lẻ
Sub-industry: Phân phối hàng chuyên dụng
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Công ty TNHH Created Future

Inst

32.1%

71.6M

2026-09-09

Công ty TNHH MTV Dkp

Inst

5.0%

11.0M

2026-06-30

Công ty TNHH MTV Dhv

Inst

4.1%

9.1M

2026-06-30

Công ty TNHH MTV Aq

Inst

3.9%

8.6M

2026-06-30

Công ty TNHH MTV Toht

Inst

3.1%

6.8M

2026-06-30

Đặng Kiện Phương

Indiv

0.2%

360,000

2026-08-20

Nguyễn Thu Hoài

Indiv

0.2%

338,052

2026-08-20

Board & Management

Đặng Kiện Phương0.2%

Member of Management Board/General Director

Nguyễn Thu Hoài0.2%

Head of Accounting department

Lê Khả Tú

Secretary of Management Board/Person in charge of Corporate governace

Vũ Thị Mai Hân

Chief Accountant

Trần Bảo Minh

Independent Member of Management Board/Internal auditor

Nguyễn Duy Tùng

Independent Member of Management Board

Nguyễn Văn Thuận

Head of Finance department

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 40,000 shares
Purchase registrations: 10 by 7 traders; 2,341,400 shares
Registered net, share of outstanding:: +1.03%

Trần Bảo Minh
Sale · Insider
40,000
2026-10-12
Lê Khả Tú
Purchase · Insider
15,900
2026-08-25
Tô Tiểu Ngọc
Purchase · Insider
15,900
2026-08-25
Vũ Thị Mai Hân
Purchase · Insider
27,300
2026-08-25
Nguyễn Thu Hoài
Purchase · Insider
37,100
2026-08-10
Công ty TNHH Created Future
Purchase · Institution
2,000,000
2026-08-07
Lê Khả Tú
Purchase · Insider
15,900
2026-08-06
Tô Tiểu Ngọc
Purchase · Insider
15,900
2026-08-06

3 more registrations

Tô Tiểu Yến
Purchase · Insider
6,100
2026-08-06
Vũ Thị Mai Hân
Purchase · Insider
27,300
2026-08-06
Đặng Kiện Phương
Purchase · Insider
180,000
2026-08-06

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

12-month sector-relative outlook

Valuation Breakdown

DCF Sensitivity

DGW among Consumer

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

DGW among Consumer