NHV

Công ty Cổ phần Sức khỏe Hồi sinh Việt Nam

VietnamCyclicalsTài nguyên Cơ bảnKim loạiUPCOMCT

700

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+42.2%Calibrated value vs last close

Last close (VND): 700
Calibrated intrinsic value (VND): 996

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.
Under financial distress the model falls back to book value.

Also note

The model’s gap was capped before calibration.

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 29 Jun 2025

Model reliability: Very 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→Tài nguyên Cơ bản→Cyclical

Classified as cyclical because ICB sector “Tài nguyên Cơ bản” maps to the cyclical group.

ModelEV/EBITDA Mid-Cycle

Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.

Technical details

Why this model

Commodity/basic-material earnings swing with global prices. Using mid-cycle EBITDA normalizes across booms and busts, preventing overpayment at cyclical peaks. EV/EBITDA is preferred over P/E because it's capital-structure-neutral and not distorted by depreciation policies.

How it works

Computes the 7-year median EBITDA and the 7-year median EV/EBITDA. With fewer than 5 years of its own EBITDA, the company's EBITDA is estimated as revenue x the sector median margin. When mid-cycle EBITDA is not positive, the value is 70% of book value per share. Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.

Model Inputs

Years of data→7

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)→700

Calibrated value vs last close→+42.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

996

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

Mid-cycle EBITDAyears of data: 7

NHV among Cyclicals

Every stock in the sector, NHV 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 NHV. Drag to turn; open another stock from its bead.

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
CURRENT ASSETS (Bn. VND)	·	56	56	56	56	61	57	54	3	14	86	73	46
Cash and cash equivalents (Bn. VND)Net debt bridge	·	0.3	0.3	0.3	0.3	0.5	0.00	0.04	0.03	1	1	0.1	0.4
Accounts receivable (Bn. VND)	·	55	55	55	55	60	56	54	2	13	75	68	24
Prepayments to suppliers (Bn. VND)	·	0.3	0.3	0.3	0.3	0	0.00	0.00	0.03	13	0.03	14	14
Net Inventories	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0	0	10	5	19
Inventories, Net (Bn. VND)	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0	0	10	5	19
Other current assets	·	0.1	0.1	0.1	0.1	0.03	0.2	0.01	0.2	0.01	0.03	0.4	2
LONG-TERM ASSETS (Bn. VND)	·	6	6	6	6	0	0.00	0.03	55	32	12	8	10
Fixed assets (Bn. VND)	·	0	0	0	0	0	0	0	55	0	0	0	0.00
Tangible fixed assets	·	0	0	0	0	0	0	0	0	0	0	0	0.00
Intagible fixed assets	·	0	0	0	0	0	0	0	55	0	0	0	0
Long-term investments (Bn. VND)	·	6	6	6	6	0	0	0	0	32	12	7	10
Investments in associate companies	·	0	0	0	0	0	0	0	0	0	0	7	10
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	0	32	12	0	0
Other non-current assets	·	0	0	0	0	0	0.00	0.03	0.04	0.05	0.03	0.02	0.03
Long-term prepayments (Bn. VND)	·	0	0	0	0	0	0.00	0.03	0.04	0.05	0.03	0.02	0.03
TOTAL ASSETS (Bn. VND)	·	61	61	61	61	61	57	54	57	46	98	81	57
LIABILITIES (Bn. VND)	·	8	8	8	8	3	4	4	13	6	55	41	23
Current liabilities (Bn. VND)	·	8	8	8	8	2	4	4	13	6	55	41	23
Short-term borrowings (Bn. VND)Net debt bridge	·	2	2	2	2	0	0	0	8	0	0.9	5	4
Long-term liabilities (Bn. VND)	·	0	0	0	0	1	0	0	0	0	0	0	0
Long-term borrowings (Bn. VND)Net debt bridge	·	0	0	0	0	1	0	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	53	53	53	53	57	52	50	44	40	43	40	33
Capital and reserves (Bn. VND)	·	53	53	53	53	57	52	50	44	40	43	40	33
Paid-in capital (Bn. VND)	·	55	55	55	55	32	32	32	32	32	32	32	32
Undistributed earnings (Bn. VND)	·	−2	−2	−2	−2	25	20	18	12	8	8	5	0.8
TOTAL RESOURCES (Bn. VND)	·	61	61	61	61	61	57	54	57	46	98	81	57
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	46	0	0	0	11	0	0
Common shares (Bn. VND)	·	55	55	55	55	32	32	32	32	32	32	32	32
MINORITY INTERESTSNet debt bridge	·	0	0	0	0	0	0	0	0	0	3	3	0

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

Financial Forensics

Beneish M-Score · 2022

Remainder

M −3.00 · 15th pctile vs VN companies

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

3.496

GMI

1.975

AQI

1.000

SGI

0.262

DEPI

1.000

SGAI

10.000

TATA

−0.128

LVGI

2.623

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.5%24th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.03×
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 trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.16

Distress Zone

Sharpe

−1.32

Negative

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 Burden1.00×Interest Burden1.01×Op. Margin−1.75×Turnover0.02×Leverage1.16=ROE−4.5%

Price Risk

Momentum

−63.2%

Volatility

93.2%

Max Drawdown

−61.1%

Key Ratios

Fiscal year 2025

5901659.08P/E

P/B: 0.07
P/S: —
ROE: 0.0%
ROA: 0.0%
EPS: 0
BVPS: 9.662
Gross Margin: 0.0%
Net Margin: 0.0%
D/E: 0.03
Current Ratio: 6.74
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 5.5M
Charter Capital: 54.8B VND
Sector (ICB L2): Tài nguyên Cơ bản
Industry (ICB L3): Kim loại
Sub-industry: Kim Loại màu
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Hoàng Đức Hải

Indiv

5.4%

297,300

2024-12-13

Nguyễn Trọng Phong

Indiv

4.7%

258,000

2023-01-06

Vũ Văn Chính

Indiv

4.4%

242,000

2023-01-09

Nguyễn Thị Thanh Huyền

Indiv

4.0%

220,000

2023-09-11

Nguyễn Đức Tiến

Indiv

2.1%

67,600

2016-12-26

Lê Quốc Khánh

Indiv

1.3%

42,000

2016-12-26

Lý Thị Thu Hương

Indiv

0.5%

16,000

2016-12-26

Nguyễn Đức Thắng

Indiv

0.3%

8,000

2016-12-26

Dương Cao Sơn

Indiv

0.2%

6,000

2016-12-26

Trịnh Thị Tâm

Indiv

0.1%

4,800

2016-12-26

Board & Management

Trần Anh Tuấn

Chairman of Management Board

Trần Thị Huyền Trang

Head of Supervisors Board

Nguyễn Thị Đoàn

Member of Supervisors Board

Mai Thị Hiền

Chief Accountant

Mai Thị Hiên

Head of Accounting department

Lê Minh Phương

Member of Management Board

Trần Văn Sản

Member of Management Board

Lưu Quang Thịnh

General Director/Spokesman

Nguyễn Thị Ngọc Linh

Member of Supervisors Board

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

NHV among Cyclicals

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

NHV among Cyclicals