DTG

Công ty Cổ phần Dược phẩm Tipharco

VietnamConsumerY tếDược phẩmHNXCT

12.300

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+21.1%Calibrated value vs last close

Last close (VND): 12.300
Calibrated intrinsic value (VND): 14.895

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

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

Also note

A release of working capital contributes to cash flow.

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: 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)

62.57%

Kd(1-t)

5.31%

D/(D+E)

37.43%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→28.72B

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)→12.300

Calibrated value vs last close→+21.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

14.895

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

Discount rate (WACC)10.00%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow28.7 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	1.0%	2.5%	4.0%	5.5%	7.0%
8.0%	16.256	16.770	16.770	16.770	16.770
9.0%	15.594	15.594	15.594	15.594	15.594
10.0%	15.103	15.103	15.103	15.103	15.350
11.0%	15.103	15.103	15.103	15.103	15.103
12.0%	14.363	14.363	14.363	14.363	15.103

Above market priceBelow market priceCurrent estimate

DTG among Consumer

Every stock in the sector, DTG 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 DTG. 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)	·	183	230	199	163	131	144	158	141	160	142	130	137	103
Cash and cash equivalents (Bn. VND)Net debt bridge	·	42	16	14	18	18	17	10	15	30	18	30	28	10
Accounts receivable (Bn. VND)	·	60	109	54	13	31	44	61	46	65	72	57	56	37
Prepayments to suppliers (Bn. VND)	·	2	1	0.2	2	4	0.4	1	1	1	12	1	1	0.9
Net Inventories	·	80	104	131	130	82	82	87	75	59	52	43	52	55
Inventories, Net (Bn. VND)	·	81	105	134	131	82	82	87	75	59	52	0	52	55
Other current assets	·	0.6	0.2	0.5	0.6	0.01	0.6	0.6	5	6	0.7	0	1	1
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.02	0.4
LONG-TERM ASSETS (Bn. VND)	·	96	107	107	100	104	115	120	123	117	53	48	35	30
Long-term trade receivables (Bn. VND)	·	0.2	0.3	0.4	0.2	0.04	0.4	0	0	0	0	0.3	0	0
Other long-term receivables (Bn. VND)	·	0.2	0.3	0.4	0.2	0.04	0.4	0	0	0	0	0.3	0	0
Fixed assets (Bn. VND)	·	87	98	89	92	97	106	111	115	44	43	44	33	29
Tangible fixed assets	·	87	97	88	92	96	106	109	113	33	30	31	30	26
Leased assets	·	0	0	0	0	0	0	0	0	1	1	2	2	2
Intagible fixed assets	·	0.6	0.6	0.6	0.6	0.6	0.6	2	2	9	11	11	0.6	0.6
Other non-current assets	·	9	9	9	8	7	8	8	8	0.10	1	2	2	2
Long-term prepayments (Bn. VND)	·	8	9	8	7	7	8	8	8	0.10	0.6	2	2	2
TOTAL ASSETS (Bn. VND)	·	280	337	307	263	235	259	278	264	277	196	178	172	134
LIABILITIES (Bn. VND)	·	81	151	144	127	117	138	156	147	208	129	130	142	103
Current liabilities (Bn. VND)	·	80	150	143	125	114	121	122	105	155	113	125	135	96
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	38	111	100	76	81	70	60	56	81	36	78	74	50
Advances from customers (Bn. VND)	·	8	5	6	13	13	15	15	14	5	4	3	4	9
Long-term liabilities (Bn. VND)	·	0.8	0.7	1.0	3	4	17	34	42	53	16	5	7	7
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	2	4	17	32	40	51	15	5	7	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	199	186	163	136	118	120	123	117	69	67	48	30	31
Capital and reserves (Bn. VND)	·	199	186	163	135	117	120	122	117	69	67	48	30	31
Paid-in capital (Bn. VND)	·	96	84	73	63	63	63	63	54	34	34	23	15	15
Investment and development funds (Bn. VND)	·	19	19	19	19	19	20	19	17	15	14	13	10	9
Undistributed earnings (Bn. VND)	·	50	50	37	19	0.9	4	6	12	3	3	4	3	5
Budget sources and other funds	·	0	0	0	0.4	0.5	0.01	0.2	0	0	0	0	0	0
Budget sources and other funds	·	0	0	0	0.4	0.5	0.01	0.2	0	0	0	0	0	0
TOTAL RESOURCES (Bn. VND)	·	280	337	307	263	235	259	278	264	277	196	178	172	134
Common shares (Bn. VND)	·	96	84	73	63	63	63	63	54	34	34	23	15	15

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −4.26 · 2nd pctile vs VN companies

YoY ▼ −2.80

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

0.636

GMI

1.020

AQI

1.111

SGI

0.871

DEPI

0.922

SGAI

1.250

TATA

−0.311

LVGI

0.642

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.5264th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.7%29th 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

5/9

Neutral

Z-Score

3.56

Safe Zone

Sharpe

−0.16

Negative

Composite

50 to 69

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 Burden0.84×Interest Burden1.02×Op. Margin0.05×Turnover1.13×Leverage1.41=ROE6.4%

Price Risk

Momentum

−2.0%

Volatility

56.4%

Max Drawdown

−25.5%

Key Ratios

Fiscal year 2025

10.22P/E

P/B: 0.66
P/S: 0.41
ROE: 6.7%
ROA: 4.2%
EPS: 1.334
BVPS: 20.705
Gross Margin: 21.0%
Net Margin: 4.0%
D/E: 0.19
Current Ratio: 2.29
Rev Growth: −11.6%
Profit Growth: −44.6%
EV/EBITDA: 4.25
Div Yield: —

Company Overview

Shares outstanding: 10.6M
Charter Capital: 106B VND
Sector (ICB L2): Y tế
Industry (ICB L3): Dược phẩm
Sub-industry: Dược phẩm
Company Type: CT

Ownership network

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

Shareholders

Nguyễn Hồ Nam

Indiv

24.9%

2.4M

2026-06-30

Đặng Thị Thu Hằng

Indiv

24.4%

1.5M

2022-01-27

Công ty Cổ phần Tập đoàn Bamboo Capital

BCG

21.0%

2.0M

2026-06-30

Nguyễn Phương Hoa

Indiv

11.3%

1.1M

2026-06-30

Công ty CP Magnolia Investment

Inst

5.2%

495,765

2026-06-30

Công ty TNHH Dược phẩm Thiên Khánh

Inst

4.0%

253,930

2022-06-20

Lưu Hoài Nam

Indiv

1.7%

120,583

2024-12-31

Lê Thanh Tùng

Indiv

0.2%

16,531

2026-06-30

Lý Thị Xuân Mai

Indiv

0.2%

16,531

2026-06-30

Board & Management

Đặng Thị Thu Hằng24.4%

Member of Management Board

Lê Thanh Tùng0.2%

Vice Chairman of Management Board/General Director/Spokesman

Lý Thị Xuân Mai0.2%

Member of Management Board/Deputy General Director

Lê Thị Mỹ Tiên

Chief Accountant

Top connections

BCR62.1%BGE47.7%TCD2 links

Listed group

BCGCông ty Cổ phần Tập đoàn Bamboo Capital
Holds 20% or more
21.0%
2026-06-30

Also held by BCG:BCR BGE TCD

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

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

DTG among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Ownership network

Listed group

DTG among Consumer