SBV

Công ty Cổ phần Siam Brothers Việt Nam

VietnamConsumerBán lẻHOSECT

6.220

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): 6.220
Calibrated intrinsic value (VND): 6.958

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

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: 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 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

Model Inputs

Base FCF→5.80B

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)→6.220

Calibrated value vs last close→+11.9%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

6.958

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

Discount rate (WACC)10.00%

Growth rate

Base cash flow5.8 tỷ

SBV among Consumer

Every stock in the sector, SBV 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 SBV. 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)	·	633	558	529	538	560	502	422	429	401	469	286	207	211
Cash and cash equivalents (Bn. VND)Net debt bridge	·	21	14	15	20	14	19	29	57	154	202	58	31	26
Short-term investments (Bn. VND)Net debt bridge	·	375,000	375,000	3	375,000	375,000	375,000	375,000	6	6	5	6	4	36
Accounts receivable (Bn. VND)	·	224	246	212	242	282	270	221	188	152	203	155	110	103
Prepayments to suppliers (Bn. VND)	·	8	18	7	9	10	15	38	30	36	29	15	18	36
Net Inventories	·	277	192	196	185	171	127	101	116	57	42	54	43	27
Inventories, Net (Bn. VND)	·	292	204	207	193	177	131	108	125	63	47	58	46	29
Other current assets	·	112	107	102	91	93	86	72	62	33	17	12	20	18
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	4
LONG-TERM ASSETS (Bn. VND)	·	290	304	298	327	351	385	291	264	211	148	165	178	161
Long-term trade receivables (Bn. VND)	·	4	4	2	9	10	9	5	1	1	2	2	5	0
Other long-term receivables (Bn. VND)	·	3	3	2	9	10	9	5	1	1	2	2	5	0
Fixed assets (Bn. VND)	·	197	211	205	223	240	229	189	147	79	86	104	116	109
Tangible fixed assets	·	143	148	158	153	155	143	148	130	65	59	73	69	65
Leased assets	·	41	51	35	57	73	74	41	15	13	27	30	46	44
Intagible fixed assets	·	13	12	12	13	11	12	0.9	1.0	0.8	1	0.6	0.1	0.2
Investment in properties	·	35	37	38	40	42	0	0	0	0	0	0	0	0
Other non-current assets	·	53	50	50	53	55	77	77	74	75	45	59	57	51
Long-term prepayments (Bn. VND)	·	41	42	43	45	46	70	70	69	69	40	55	56	46
TOTAL ASSETS (Bn. VND)	·	922	862	826	865	911	887	714	692	613	617	450	385	372
LIABILITIES (Bn. VND)	·	478	410	326	351	376	368	223	225	155	187	229	177	190
Current liabilities (Bn. VND)	·	464	391	311	319	323	295	200	222	152	180	211	149	161
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	285	248	184	224	209	180	108	115	56	133	117	105	105
Advances from customers (Bn. VND)	·	18	6	0.2	1	2	7	3	7	5	0.4	0.8	0.2	1
Long-term liabilities (Bn. VND)	·	14	19	15	31	53	72	22	3	2	7	18	28	30
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	13	18	14	31	52	72	22	2	2	7	12	21	25
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	445	453	501	514	536	519	491	467	458	430	221	208	182
Capital and reserves (Bn. VND)	·	445	453	501	514	536	519	491	467	458	430	221	208	182
Paid-in capital (Bn. VND)	·	274	274	274	274	274	274	274	274	274	205	163	163	123
Other Reserves	·	14	0	0	0	0	0	0	0	0	0	0	0	0
Foreign Currency Difference reserve	·	15	15	15	15	15	15	15	15	15	15	15	15	0
Investment and development funds (Bn. VND)	·	6	6	6	6	3	0	0	0	0	0	0	0	0
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	0	15
Undistributed earnings (Bn. VND)	·	43	64	112	125	150	137	109	85	76	116	43	30	44
TOTAL RESOURCES (Bn. VND)	·	922	862	826	865	911	887	714	692	613	617	450	385	372
Short-term loans receivables (Bn. VND)	·	0.3	0.3	0.3	0.04	0.04	0.05	0.1	0.2	0.5	10	16	20	0
Long-term loans receivables (Bn. VND)	·	0.2	0.5	0.7	0	0	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	274	274	274	274	274	274	274	274	274	205	163	163	123

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.70 · 28th pctile vs VN companies

YoY ▼ −0.49

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

0.815

GMI

0.778

AQI

0.922

SGI

1.116

DEPI

0.912

SGAI

1.023

TATA

0.009

LVGI

1.091

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.3%40th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 2
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

1.16

Distress Zone

Sharpe

−0.75

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 Burden−1.47×Interest Burden1.01×Op. Margin0.00×Turnover0.60×Leverage2.07=ROE−0.6%

Price Risk

Momentum

−20.7%

Volatility

37.5%

Max Drawdown

−31.2%

Key Ratios

Fiscal year 2025

—P/E

P/B: 0.40
P/S: 0.32
ROE: −0.6%
ROA: −0.3%
EPS: −97
BVPS: 15.504
Gross Margin: 29.4%
Net Margin: −0.5%
D/E: 0.67
Current Ratio: 1.36
Rev Growth: +13.8%
Profit Growth: +106.1%
EV/EBITDA: 9.47
Div Yield: —

Company Overview

Shares outstanding: 28.7M
Charter Capital: 287B 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 SBV. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ Phần Siam Holdings Việt Nam

Inst

65.4%

17.9M

2025-06-30

Itthapat Sawatyanon

Indiv

4.6%

1.3M

2023-12-31

VEERAPONG SAWATYANON

Indiv

3.9%

1.1M

2023-12-31

Vietnam Holding Ltd

Inst

3.6%

743,140

2017-05-23

Pratip Sawatyanon

Indiv

2.1%

585,712

2023-12-31

Vimuttiratna Sawatyanon

Indiv

0.3%

87,530

2023-06-30

Board & Management

Itthapat Sawatyanon4.6%

Chairman of Management Board

VEERAPONG SAWATYANON3.9%

Member of Management Board/General Director

LÊ TRẦN ANH TUẤN

Member of Management Board

Huỳnh Tiến Việt

Member of Management Board/Director of Produce

Trần Thanh Long

Director of Business/Department Director

Top connections

DBC6.2%BMP4.9%VSC4.9%STK4.4%RAL4.0%KDH3.6%FPT3.6%MWG3.6%MBB3.6%VCB3.6%

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 15,000 shares
Purchase registrations: None
Registered net, share of outstanding:: −0.05%

Huỳnh Tiến Việt
Sale · Insider
15,000
2025-12-01

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

Valuation Breakdown

SBV 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

SBV among Consumer