FRT

Công ty Cổ phần Bán lẻ Kỹ thuật số FPT

VietnamConsumerBán lẻHOSECT

138.300

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close near calibrated value

+1.4%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 138.300
Calibrated intrinsic value (VND): 140.213

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.

Also note

A release of working capital contributes to cash flow.

Comparison assessed 3 Nov 2026Valid through 2 Dec 2026

Model reliability: Medium; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: 44.3%; 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

−7.4percentage 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

0.911

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.10%

E/(D+E)

19.41%

Kd(1-t)

2.78%

D/(D+E)

80.59%

WACC

10.00%

Growth Estimate

fundamental firm blend11.08%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→315.32B

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)→138.300

Calibrated value vs last close→+1.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

140.213

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

Discount rate (WACC)10.00%

Growth rate11.08%growth method: fundamental firm blend

Base cash flow315.3 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	8.1%	9.6%	11.1%	12.6%	14.1%
8.0%	140.213	140.213	140.213	140.213	140.213
9.0%	140.213	140.213	140.213	140.213	140.213
10.0%	134.185	134.185	134.185	140.213	140.213
11.0%	112.105	112.105	134.185	134.185	134.185
12.0%	109.137	109.137	112.105	112.105	134.185

Above market priceBelow market priceCurrent estimate

FRT among Consumer

Every stock in the sector, FRT 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 FRT. 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)	·	21,787	14,026	11,415	9,327	10,185	4,960	6,173	4,815	3,509	4,409	2,430	1,421	664
Cash and cash equivalents (Bn. VND)Net debt bridge	·	2,870	2,098	961	746	1,105	702	870	948	638	1,458	789	300	166
Short-term investments (Bn. VND)Net debt bridge	·	5,929	986	1,194	1,119	1,821	788	495	4	0	0.3	50	362	0
Accounts receivable (Bn. VND)	·	729	417	394	538	1,948	1,498	1,178	1,207	1,016	865	308	113	56
Prepayments to suppliers (Bn. VND)	·	95	44	49	74	129	94	97	144	61	99	54	47	13
Net Inventories	·	11,927	10,235	8,427	6,484	4,930	1,827	3,384	2,506	1,723	1,948	1,206	599	400
Inventories, Net (Bn. VND)	·	12,013	10,291	8,470	6,526	4,976	1,853	3,399	2,520	1,729	1,986	1,229	615	404
Other current assets	·	333	291	439	440	380	145	247	150	131	138	76	46	42
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	1	0.3
LONG-TERM ASSETS (Bn. VND)	·	1,927	1,806	1,683	1,197	635	428	421	352	362	302	194	151	93
Long-term trade receivables (Bn. VND)	·	194	183	179	170	137	116	105	84	76	66	52	0	0
Other long-term receivables (Bn. VND)	·	194	183	179	170	137	116	105	84	76	66	52	0	0
Fixed assets (Bn. VND)	·	1,574	1,446	1,308	847	448	51	49	46	46	2	4	5	4
Tangible fixed assets	·	1,197	1,157	1,079	675	292	9	7	5	5	0.6	2	3	1
Intagible fixed assets	·	378	289	228	172	156	42	42	40	41	1	2	2	3
Long-term investments (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.09
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.09
Other non-current assets	·	157	169	195	178	50	261	267	223	240	234	139	146	89
Long-term prepayments (Bn. VND)	·	157	169	195	178	49	258	267	223	240	234	139	107	64
TOTAL ASSETS (Bn. VND)	·	23,714	15,833	13,098	10,524	10,820	5,388	6,594	5,168	3,871	4,710	2,623	1,571	758
LIABILITIES (Bn. VND)	·	18,575	13,713	11,379	8,474	9,141	4,162	5,314	4,009	3,075	4,195	2,311	1,510	736
Current liabilities (Bn. VND)	·	18,574	13,712	11,379	8,474	9,141	4,162	5,308	4,009	3,075	4,195	2,311	1,510	736
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	10,052	8,800	8,108	5,363	6,047	2,486	3,698	2,947	1,173	2,435	1,681	948	386
Advances from customers (Bn. VND)	·	62	38	23	35	54	28	19	14	13	35	9	6	3
Long-term liabilities (Bn. VND)	·	0.7	0.6	0.6	0.09	0.09	0	6	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	5,139	2,120	1,719	2,049	1,679	1,225	1,279	1,159	796	515	312	61	21
Capital and reserves (Bn. VND)	·	5,139	2,120	1,719	2,049	1,679	1,225	1,279	1,159	796	515	312	61	21
Paid-in capital (Bn. VND)	·	1,703	1,362	1,362	1,185	790	790	790	680	400	200	200	89	89
Undistributed earnings (Bn. VND)	·	2,468	549	237	824	872	424	484	454	396	315	114	−25	−66
TOTAL RESOURCES (Bn. VND)	·	23,714	15,833	13,098	10,524	10,820	5,388	6,594	5,168	3,871	4,710	2,623	1,571	758
Short-term loans receivables (Bn. VND)	·	0	0	0	40	1,560	885	322	120	0	280	0	0	0
Common shares (Bn. VND)	·	1,703	1,362	1,362	1,185	790	790	790	680	400	200	200	89	89
MINORITY INTERESTSNet debt bridge	·	968	208	120	41	17	11	6	25	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

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.38 · 45th pctile vs VN companies

YoY ▲ +0.26

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

1.372

GMI

0.965

AQI

0.654

SGI

1.274

DEPI

0.886

SGAI

0.990

TATA

−0.074

LVGI

0.904

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.4362nd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.2%39th 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

7/9

Strong

Z-Score

3.45

Safe Zone

Sharpe

0.02

Positive

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 Burden0.81×Interest Burden1.01×Op. Margin0.02×Turnover2.15×Leverage4.61=ROE19.2%

Price Risk

Momentum

+8.3%

Volatility

38.2%

Max Drawdown

−37.2%

Key Ratios

Fiscal year 2025

33.45P/E

P/B: 6.37
P/S: 0.52
ROE: 26.1%
ROA: 4.0%
EPS: 4.667
BVPS: 24.495
Gross Margin: 19.6%
Net Margin: 1.9%
D/E: 1.96
Current Ratio: 1.17
Rev Growth: +27.3%
Profit Growth: +150.3%
EV/EBITDA: 16.79
Div Yield: —

Company Overview

Shares outstanding: 179M
Charter Capital: 1,788B VND
Sector (ICB L2): Bán lẻ
Industry (ICB L3): Bán lẻ
Sub-industry: Phân phối hàng chuyên dụng
Company Type: CT

Ownership network

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

Shareholders

Công ty Cổ phần FPT

FPT

46.5%

83.2M

2026-06-30

CTBC Vietnam Equity Fund

Inst

4.9%

6.7M

2024-01-19

VOF Investment Limited

Inst

4.8%

3.8M

2021-03-12

Hanoi Investments Holdings Limited

Inst

1.7%

3.1M

2026-09-28

Vietnam Enterprise Investments Limited

Inst

1.2%

2.1M

2026-09-28

amersham industries limited

Inst

1.0%

1.8M

2026-09-28

Norges Bank

Inst

0.6%

1.1M

2026-09-28

Nguyễn Bạch Điệp

Indiv

0.5%

885,246

2026-06-30

Trịnh Hoa Giang

Indiv

0.3%

512,497

2026-06-30

DC Developing Markets Strategies Public Limited Company

Inst

0.3%

534,896

2026-09-28

Nguyễn Việt Anh

Indiv

0.2%

325,942

2026-06-30

Vietnam Co-Investment Fund

Inst

0.1%

110,000

2020-04-24

Board & Management

Nguyễn Bạch Điệp0.5%

Chairman of Management Board

Trịnh Hoa Giang0.3%

Member of Management Board

Nguyễn Việt Anh0.2%

Deputy General Director

Top connections

FOX46.5%FOC46.5%FTS46.5%TPB2 links FUEVFVND6.9%TTN6.1%MWG4 links PVD5 links HDG3 links NLG7 links PVS6 links KDH6 links

Listed group

FPTCông ty Cổ phần FPT
Holds 20% or more
46.5%
2026-06-30

Also held by FPT:FOC FOX

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.

Director-deal registrations · 12 months

Sale registrations: 2 by 1 trader; 2 without a stated volume
Purchase registrations: 5 by 4 traders; 5 without a stated volume

Hanoi Investments Holdings Limited
Sale · Institution
—
2026-09-28
Samsung Vietnam Securities Master Investment Trust
Purchase · Institution
—
2026-09-28
Norges Bank
Purchase · Institution
—
2026-07-28
Hanoi Investments Holdings Limited
Sale · Institution
—
2026-07-17
Hanoi Investments Holdings Limited
Purchase · Institution
—
2026-04-02
Norges Bank
Purchase · Institution
—
2026-04-02
Vietnam Enterprise Investments Limited
Purchase · Institution
—
2026-04-02

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

Also note

12-month sector-relative outlook

Valuation Breakdown

DCF Sensitivity

FRT among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

Ownership network

Listed group

Director-deal registrations · 12 months

FRT among Consumer