LDP

Công ty Cổ phần Dược Lâm Đồng - Ladophar

VietnamConsumerY tếDược phẩmHNXCT

7.600

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+11.9%Calibrated value vs last close

Last close (VND): 7.600
Calibrated intrinsic value (VND): 8.501

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 latest cash flow is zero or negative.

Also note

Trading liquidity is low.

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)

64.34%

Kd(1-t)

9.03%

D/(D+E)

35.66%

WACC

10.36%

Growth Estimate

fundamental firm blend7.83%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→7.76B

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)→7.600

Calibrated value vs last close→+11.9%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

8.501

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

Discount rate (WACC)10.36%

Growth rate7.83%growth method: fundamental firm blend

Base cash flow7.8 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	4.8%	6.3%	7.8%	9.3%	10.8%
8.4%	8.118	8.118	8.501	8.501	8.501
9.4%	8.118	8.118	8.118	8.118	8.118
10.4%	7.705	7.705	8.118	8.118	8.118
11.4%	7.705	7.705	7.705	7.705	8.118
12.4%	7.705	7.705	7.705	7.705	7.705

Above market priceBelow market priceCurrent estimate

LDP among Consumer

Every stock in the sector, LDP 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 LDP. 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	2012	2011	2010
CURRENT ASSETS (Bn. VND)	·	251	157	140	159	144	130	179	173	181	194	163	134	141	·	·	·
Cash and cash equivalents (Bn. VND)Net debt bridge	·	19	11	16	17	65	19	28	10	11	7	2	4	12	·	·	·
Short-term investments (Bn. VND)Net debt bridge	·	2	5	3	2	0	0	0	0	0	0	0	0	0	·	·	·
Accounts receivable (Bn. VND)	·	171	89	82	83	24	34	55	48	52	56	64	60	48	·	·	·
Prepayments to suppliers (Bn. VND)	·	118	52	50	51	0.5	0.1	1.0	8	3	3	0.5	0.3	0.02	·	·	·
Net Inventories	·	55	49	38	56	55	76	95	112	117	131	96	71	81	·	·	·
Inventories, Net (Bn. VND)	·	55	49	38	56	55	76	95	112	117	131	96	71	81	·	·	·
Other current assets	·	3	3	0.7	1	0.3	0.4	0.6	2	0.7	0	0	0.01	0.6	·	·	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.01	0.6	·	·	·
LONG-TERM ASSETS (Bn. VND)	·	57	50	55	69	72	88	106	95	96	87	90	78	45	·	·	·
Long-term trade receivables (Bn. VND)	·	10	0.2	0	0.2	1	0.2	0.2	0.3	0.04	0.01	0.01	0	0	·	·	·
Other long-term receivables (Bn. VND)	·	0.5	0.2	0	0.2	1	0.2	0.2	0.3	0.04	0.01	0.01	0	0	·	·	·
Fixed assets (Bn. VND)	·	36	40	47	56	61	80	95	85	88	81	80	72	42	·	·	·
Tangible fixed assets	·	36	40	46	55	61	76	91	80	83	76	76	49	22	·	·	·
Intagible fixed assets	·	0	0.07	0.2	0.5	0.7	4	4	5	5	5	4	4	5	·	·	·
Investment in properties	·	2	2	2	2	3	0.5	0.5	2	2	2	2	2	2	·	·	·
Long-term investments (Bn. VND)	·	0	0	0	0	0	0	0.01	0.01	0.01	0.01	0.01	0.01	0.01	·	·	·
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0.01	0.01	0.01	0.01	0.01	0.01	0.01	·	·	·
Other non-current assets	·	7	5	6	10	7	6	10	8	6	5	6	3	0.8	·	·	·
Long-term prepayments (Bn. VND)	·	7	5	6	10	7	6	10	8	6	5	6	3	0.8	·	·	·
TOTAL ASSETS (Bn. VND)	·	308	207	195	228	216	218	285	268	276	281	252	212	186	·	·	·
LIABILITIES (Bn. VND)	·	116	108	102	116	63	101	191	183	169	185	163	127	107	·	·	·
Current liabilities (Bn. VND)	·	114	106	101	114	58	94	176	167	147	170	145	108	102	·	·	·
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	57	55	66	70	30	44	91	56	53	40	24	5	0	·	·	·
Advances from customers (Bn. VND)	·	2	0.7	0.9	2	0.5	0.7	2	0.9	0.5	0.5	0.4	0.5	0.3	·	·	·
Long-term liabilities (Bn. VND)	·	2	2	2	2	4	7	15	16	22	14	18	19	6	·	·	·
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0.6	2	5	10	9	15	7	13	13	0	·	·	·
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	191	99	92	112	153	116	94	85	107	96	89	85	79	·	·	·
Capital and reserves (Bn. VND)	·	191	99	92	112	153	116	93	85	107	96	89	85	79	·	·	·
Paid-in capital (Bn. VND)	·	187	127	127	127	127	127	78	78	78	68	34	34	34	·	·	·
Investment and development funds (Bn. VND)	·	0	24	24	24	14	14	14	14	14	8	38	29	23	·	·	·
Undistributed earnings (Bn. VND)	·	0.01	−52	−59	−39	12	−26	0.4	−8	15	20	18	19	18	·	·	·
Budget sources and other funds	·	0	0	0	0	0	0.9	0.9	0.3	0.2	0.03	0.04	0.3	0.06	·	·	·
Budget sources and other funds	·	0	0	0	0	0	0.9	0.9	0.3	0.2	0.03	0.04	0.3	0.06	·	·	·
TOTAL RESOURCES (Bn. VND)	·	308	207	195	228	216	218	285	268	276	281	252	212	186	·	·	·
Short-term loans receivables (Bn. VND)	·	8	8	8	8	0	0	0	0	0	0	0	0	0	·	·	·
Common shares (Bn. VND)	·	187	127	127	127	127	127	78	78	78	68	34	34	34	·	·	·

Earnings Quality

Fiscal year 2025

Poor

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

75th–90th

M −1.16 · 86th pctile vs VN companies

YoY ▲ +1.33

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

1.719

GMI

0.887

AQI

1.365

SGI

1.119

DEPI

1.077

SGAI

1.115

TATA

0.082

LVGI

0.726

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.1954th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 41.1%98th 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.

The company shows multiple accounting signals of elevated accruals and receivables pressure: a Beneish M-Score of -1.164 (86th percentile versus Vietnamese peers) with a year-over-year increase of +1.33, driven by a DSRI of 1.7191 and AQI of 1.3651. Earnings-quality metrics are weak overall (Earnings Quality 21.7/100) with cash conversion 9.7/100 and receivables quality 0.0/100, while solvency/operations indicators are mixed (Altman Z-Score 2.54 — grey zone; Piotroski F-Score 6/9). The statutory loss tests for delisting are not met in the published statements.

Red Flags

Beneish M-Score -1.164 (86th percentile among Vietnamese peers): measures the likelihood of earnings manipulation patterns; the company sits into a high-vs-peer percentile and the M-Score rose by +1.33 year-over-year, indicating a material change in the underlying components.
DSRI (Days' Sales in Receivables Index) = 1.7191: measures receivables growing faster than sales — a high DSRI can indicate revenue recognition timing or extended receivable terms.
AQI (Asset Quality Index) = 1.3651 and LVGI (Leverage Index) = 0.7263: AQI >1 points to increased proportion of non-current or unusual assets (prepayments, long-term receivables); LVGI <1 indicates leverage fell year-over-year, which can accompany asset-side shifts.
Receivables outside the trade cycle = 41.1% of total assets (98th percentile in Vietnam): measures loans, long-term receivables and prepayments not part of normal trade — this is very high versus peers and concentrates risk on non-trade asset items.
Receivables quality score = 0.0/100 and Revenue quality = 16.4/100: indicates revenue and receivables exhibit the weakest metrics in the earnings-quality decomposition used here.
Cash-conversion component: Cash conversion score 9.7/100 and three-year operating cash flow / net profit = 1.19 (54th percentile): profit is not converting strongly into cash relative to many peers.
TATA (Total Accruals to Total Assets) = 0.0816: positive accruals of ~8.16% of total assets imply accrual-based earnings contributions that merit scrutiny given low cash conversion.

Positive Signals

GMI (Gross Margin Index) = 0.8870 (<1): indicates gross margin improved year-over-year, which by Beneish design reduces manipulation likelihood from declining margins.
SGI (Sales Growth Index) = 1.1191: sales grew ~11.9% year-over-year — growth can be a legitimate driver of changes in ratios (though it also feeds some M-Score components).
DEPI (Depreciation Index) = 1.0773: depreciation expense fell relative to prior-year depreciation base (DEPI >1 can reflect slower depreciation or asset base changes); interpreted alongside LVGI and AQI it signals asset and expense-profile shifts rather than pure leverage stress.
Piotroski F-Score = 6/9: indicates neutral-to-fair fundamental health across profitability, leverage/liquidity, and operating performance checks.

Ownership Risk

Ownership is moderately concentrated: two institutional holders together hold 35.8% (APC Holdings 28.8%, Louis Holdings 7.0%), with the largest individual holders at 2.8%, 2.2% and 1.3%. Director-deal registrations between 2025-10-30 and 2026-10-30 show 3 sale registrations (1,983,392 shares) and 1 purchase registration (600,000 shares), net registered volume -7.39% of shares outstanding; these are exchange-registered intentions, not executed trades.

To check in the filings

Compare the FY2025 balance-sheet line(s) for 'receivables', 'loans to customers/related parties' and 'prepayments' with the related-party note and with the schedule of long-term receivables to identify the composition of the 41.1% of assets labelled as receivables outside the trade cycle.
Reconcile the cash-flow statement (net cash from operating activities) with the income statement and the TATA calculation: verify the components of total accruals and items driving the 0.0816 TATA ratio.
Inspect the revenue recognition note and the ageing schedule for trade receivables to see policy, days outstanding, provisions and any reclassifications that affect DSRI = 1.7191 and Revenue Quality = 16.4/100.
Review the auditor’s report and the statutory disclosures referenced in Decree 155/2020 (as amended) to confirm which statutory loss tests were evaluated and to verify that none of the delisting-triggering loss conditions are met in the published FY2025 statements.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.54

Grey Zone

Sharpe

−1.02

Negative

Composite

70 and above

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 Burden2.14×Op. Margin0.05×Turnover0.79×Leverage1.61=ROE14.9%

Price Risk

Momentum

−33.0%

Volatility

37.5%

Max Drawdown

−40.8%

Key Ratios

Fiscal year 2025

4.98P/E

P/B: 0.74
P/S: 0.58
ROE: 19.6%
ROA: 11.1%
EPS: 1.525
BVPS: 10.225
Gross Margin: 33.3%
Net Margin: 11.7%
D/E: 0.30
Current Ratio: 2.19
Rev Growth: +12.4%
Profit Growth: +296.0%
EV/EBITDA: 7.71
Div Yield: —

Company Overview

Shares outstanding: 18.7M
Charter Capital: 187B VND
Sector (ICB L2): Y tế
Industry (ICB L3): Dược phẩm
Sub-industry: Dược phẩm
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Công ty Cổ Phần Apc Holdings

Inst

28.8%

5.4M

2026-06-30

Công ty Cổ phần Louis Holdings

Inst

7.0%

1.3M

2026-06-30

Nguyễn Thị Hồng Giang

Indiv

2.8%

374,251

2026-06-30

Nguyễn Minh Nguyệt

Indiv

2.2%

285,000

2022-01-27

Đặng Thuỳ Linh

Indiv

1.3%

241,857

2026-07-06

Lê Tiến Thịnh

Indiv

0.8%

100,000

2026-06-30

Lê Thị Hồng Phước

Indiv

0.2%

5,220

2014-12-31

Phạm Thị Hồng Hương

Indiv

0.1%

4,351

2014-12-31

Board & Management

Nguyễn Thị Hồng Giang2.8%

Member of Management Board

Đặng Thuỳ Linh1.3%

Member of Management Board

Lê Tiến Thịnh0.8%

Member of Management Board/General Director/Spokesman

Trương Thị Ngọc Hiền

Chief Accountant

Phạm Thị Huyền Trang

Secretary of Management Board/Person in charge of Corporate governace

Director-deal registrations · 12 months

Sale registrations: 3 by 1 trader; 1,983,392 shares
Purchase registrations: 1 by 1 trader; 600,000 shares
Registered net, share of outstanding:: −7.39%

Phạm Trung Kiên
Sale · Insider
88,792
2026-06-18
Đặng Thuỳ Linh
Purchase · Insider
600,000
2026-06-01
Phạm Trung Kiên
Sale · Insider
809,600
2025-12-08
Phạm Trung Kiên
Sale · Insider
1,085,000
2025-11-17

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

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

LDP 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

LDP among Consumer