DP2

Công ty Cổ phần Dược phẩm Trung ương 2

VietnamConsumerY tếDược phẩmUPCOMCT

4.900

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+6.8%Calibrated value vs last close

Last close (VND): 4.900
Calibrated intrinsic value (VND): 5.234

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.
Recent losses require review of cash-flow assumptions.

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 Aug 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→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)

44.28%

Kd(1-t)

10.71%

D/(D+E)

55.72%

WACC

10.88%

Growth Estimate

historical blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→5.61B

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)→4.900

Calibrated value vs last close→+6.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

5.234

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

Discount rate (WACC)10.88%

Growth rate4.00%growth method: historical blend

Base cash flow5.6 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%
8.9%	5.481	5.481	5.481	5.481	5.481
9.9%	5.234	5.234	5.234	5.234	5.234
10.9%	5.234	5.234	5.234	5.234	5.234
11.9%	5.234	5.234	5.234	5.234	5.234
12.9%	4.968	4.968	4.968	5.234	5.234

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	2015
CURRENT ASSETS (Bn. VND)	·	147	130	116	131	112	131	118	126	112	104	88
Cash and cash equivalents (Bn. VND)Net debt bridge	·	21	5	4	4	0.8	0.4	1	2	4	0.5	0.9
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	0	0	0	0	0.07	0	0
Accounts receivable (Bn. VND)	·	83	77	68	66	68	75	73	76	69	71	59
Prepayments to suppliers (Bn. VND)	·	6	0.9	2	0.8	1	2	2	1	4	2	2
Net Inventories	·	42	48	42	55	38	51	38	43	35	28	23
Inventories, Net (Bn. VND)	·	42	48	42	55	38	51	38	43	35	28	23
Other current assets	·	0.4	0.5	1	6	5	6	5	5	5	4	5
LONG-TERM ASSETS (Bn. VND)	·	264	313	336	356	376	395	416	418	460	347	351
Long-term trade receivables (Bn. VND)	·	45	72	72	72	72	72	72	72	110	0	0
Other long-term receivables (Bn. VND)	·	45	72	72	72	72	72	72	72	110	0	0
Fixed assets (Bn. VND)	·	111	132	152	173	185	206	226	74	79	82	86
Tangible fixed assets	·	111	132	152	173	185	206	226	74	78	82	86
Intagible fixed assets	·	0	0	0	0	0	0	0	0.02	0.04	0.06	0.1
Long-term investments (Bn. VND)	·	94	94	94	94	94	94	94	94	94	94	94
Other long-term assets (Bn. VND)	·	94	94	94	94	94	94	94	94	94	94	94
Other non-current assets	·	14	14	15	15	14	14	14	16	15	16	15
Long-term prepayments (Bn. VND)	·	14	14	15	15	14	14	14	16	15	16	15
TOTAL ASSETS (Bn. VND)	·	410	443	451	487	488	526	533	544	572	451	438
LIABILITIES (Bn. VND)	·	340	362	365	376	353	374	357	356	371	400	379
Current liabilities (Bn. VND)	·	246	268	249	244	207	212	180	165	156	117	107
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	97	102	84	69	55	43	32	17	16	20	13
Advances from customers (Bn. VND)	·	26	19	17	17	12	14	11	9	7	5	6
Long-term liabilities (Bn. VND)	·	94	94	116	133	147	162	177	191	214	283	273
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	22	39	53	68	83	97	102	108	110
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	70	81	87	111	134	152	176	188	201	51	59
Capital and reserves (Bn. VND)	·	70	81	86	110	134	152	176	188	201	51	59
Paid-in capital (Bn. VND)	·	200	200	200	200	200	200	200	200	200	50	50
Investment and development funds (Bn. VND)	·	3	3	3	3	3	3	3	3	3	3	3
Other Reserves	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Undistributed earnings (Bn. VND)	·	−138	−128	−122	−98	−74	−56	−32	−21	−7	−7	0.10
Budget sources and other funds	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Budget sources and other funds	·	0	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
TOTAL RESOURCES (Bn. VND)	·	410	443	451	487	488	526	533	544	572	451	438
Common shares (Bn. VND)	·	200	200	200	200	200	200	200	200	200	50	50

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

100

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 −2.96 · 16th 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

1.090

GMI

0.711

AQI

0.915

SGI

0.994

DEPI

1.000

SGAI

1.005

TATA

−0.079

LVGI

0.992

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 12.5%84th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.69×
Consecutive years of net lossProfit after tax of the parent: 8Statutory test met
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

6/9

Neutral

Z-Score

−0.19

Distress Zone

Sharpe

−0.12

Negative

Composite

Below 30

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 Burden1.00×Interest Burden1.57×Op. Margin−0.03×Turnover0.48×Leverage5.85=ROE−15.4%

Price Risk

Momentum

−4.0%

Volatility

80.6%

Max Drawdown

−42.0%

Key Ratios

Fiscal year 2025

—P/E

P/B: 1.40
P/S: 0.49
ROE: −14.3%
ROA: −2.5%
EPS: −541
BVPS: 3.508
Gross Margin: 12.5%
Net Margin: −5.4%
D/E: 1.39
Current Ratio: 0.59
Rev Growth: +0.0%
Profit Growth: −85.6%
EV/EBITDA: 6.14
Div Yield: —

Company Overview

Shares outstanding: 20.0M
Charter Capital: 200B VND
Sector (ICB L2): Y tế
Industry (ICB L3): Dược phẩm
Sub-industry: Dược phẩm
Company Type: CT

Ownership network

Common ownership links for DP2. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ Phần Xuất Khẩu Hàng Thủ Công Mỹ Nghệ Sài Gòn

Inst

75.0%

15.0M

2026-03-31

Công ty Cổ Phần Đầu Tư Tài Chính Đất Việt

Inst

12.4%

2.5M

2026-03-31

Tổng Công ty Dược Việt Nam

Inst

6.8%

1.4M

2026-03-31

Trần Văn Vinh

Indiv

0.2%

38,600

2017-04-13

Lê Tiến Dũng

Indiv

0.2%

32,345

2026-06-30

Board & Management

Lê Tiến Dũng0.2%

Vice Chairman of Management Board/General Director

Vũ Thị Thu Hằng

Person in charge of Corporate governace

Cao Việt Hưng

Member of Management Board

Hà Thọ

Member of Supervisors Board

Top connections

CDP66.3%DP165.4%TW365.0%UPH28.4%DAN26.5%DP322.1%IMP22.0%MKP18.2%VDP14.3%OPC13.4%MED11.5%VMD10.2%

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

Ownership network