SKH

Công ty Cổ phần Nước giải khát Sanest Khánh Hòa

VietnamConsumerThực phẩm và đồ uốngBia và đồ uốngUPCOMCT

18.900

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+11.9%Calibrated value vs last close

Last close (VND): 18.900
Calibrated intrinsic value (VND): 21.142

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.

Also note

A release of working capital contributes to cash flow.
Historical growth has declined.

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 Nov 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 30 Oct 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Thực phẩm và đồ uống→Consumer

Classified as consumer because ICB sector “Thực phẩm và đồ uống” 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)

74.27%

Kd(1-t)

2.94%

D/(D+E)

25.73%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→68.38B

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)→18.900

Calibrated value vs last close→+11.9%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

21.142

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 flow68.4 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%	22.070	22.070	22.070	22.378	23.207
9.0%	22.070	22.070	22.070	22.070	22.070
10.0%	21.186	21.186	21.186	21.186	22.070
11.0%	21.142	21.142	21.186	21.186	21.186
12.0%	21.142	21.142	21.142	21.142	21.142

Above market priceBelow market priceCurrent estimate

SKH among Consumer

Every stock in the sector, SKH 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 SKH. 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)	·	519	622	759	630	473	375	404	366	·	195	165	113	96
Cash and cash equivalents (Bn. VND)Net debt bridge	·	147	141	148	58	44	91	21	27	·	0.04	0	0	0
Accounts receivable (Bn. VND)	·	37	82	279	33	259	164	133	36	·	36	4	17	10
Prepayments to suppliers (Bn. VND)	·	1	3	9	13	11	13	16	5	·	1	3	10	0.4
Net Inventories	·	324	383	323	523	166	116	237	296	·	158	160	95	84
Inventories, Net (Bn. VND)	·	324	383	323	523	166	116	237	296	·	158	160	95	84
Other current assets	·	10	15	9	16	4	4	13	6	·	0.9	0.8	0.5	2
LONG-TERM ASSETS (Bn. VND)	·	171	197	195	194	191	195	232	219	·	98	99	94	125
Long-term trade receivables (Bn. VND)	·	0.2	0.2	0.2	0.2	0	0	0	0	·	0	0	0	0
Other long-term receivables (Bn. VND)	·	0.2	0.2	0.2	0.2	0	0	0	0	·	0	0	0	0
Fixed assets (Bn. VND)	·	146	161	109	107	78	98	114	126	·	91	95	94	124
Tangible fixed assets	·	145	161	109	107	78	98	114	126	·	91	95	93	124
Intagible fixed assets	·	0.3	0.2	0.3	0.1	0	0.07	0.1	0.2	·	0.1	0.3	0.4	0
Other non-current assets	·	19	29	44	58	69	70	100	83	·	1	1	0.6	0.9
Long-term prepayments (Bn. VND)	·	13	23	39	50	65	66	100	83	·	1	1	0.6	0.9
TOTAL ASSETS (Bn. VND)	·	690	818	954	824	664	570	636	584	·	292	264	207	221
LIABILITIES (Bn. VND)	·	269	410	520	406	267	167	218	175	·	98	264	207	221
Current liabilities (Bn. VND)	·	248	380	508	406	267	159	212	175	·	98	40	21	24
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	102	111	140	61	38	0	49	26	·	0	0	0	0
Advances from customers (Bn. VND)	·	0.08	0.8	0.5	61	0.7	0.2	2	0.00	·	0	0.03	0.00	0.00
Long-term liabilities (Bn. VND)	·	21	30	12	0	0	9	6	0	·	0	224	186	197
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	21	30	12	0	0	9	6	0	·	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	421	408	434	418	398	403	417	410	·	195	0	0	0
Capital and reserves (Bn. VND)	·	421	408	434	418	398	403	417	410	·	195	0	0	0
Paid-in capital (Bn. VND)	·	330	330	330	330	330	330	330	330	·	176	0	0	0
Investment and development funds (Bn. VND)	·	47	40	34	24	20	16	12	6	·	18	0	0	0
Undistributed earnings (Bn. VND)	·	44	38	70	64	48	57	75	73	·	0	0	0	0
Budget sources and other funds	·	0	0	0	0	0	0.01	823,500	0	·	0	0	0	0
Budget sources and other funds	·	0	0	0	0	0	0.01	823,500	0	·	0	0	0	0
TOTAL RESOURCES (Bn. VND)	·	690	818	954	824	664	570	636	584	·	292	264	207	221
Common shares (Bn. VND)	·	330	330	330	330	330	330	330	330	·	176	0	0	0

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.80 · 23rd pctile vs VN companies

YoY ▲ +1.06

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

0.457

GMI

1.384

AQI

0.844

SGI

0.991

DEPI

0.943

SGAI

0.593

TATA

−0.018

LVGI

0.778

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.3157th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.2%15th 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 trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

8/9

Strong

Z-Score

4.46

Safe Zone

Sharpe

−0.72

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 Burden0.80×Interest Burden1.01×Op. Margin0.07×Turnover1.69×Leverage1.64=ROE15.6%

Price Risk

Momentum

−18.6%

Volatility

46.5%

Max Drawdown

−35.2%

Key Ratios

Fiscal year 2025

9.52P/E

P/B: 1.48
P/S: 0.53
ROE: 15.8%
ROA: 8.7%
EPS: 1.986
BVPS: 12.759
Gross Margin: 21.5%
Net Margin: 5.6%
D/E: 0.29
Current Ratio: 2.09
Rev Growth: −0.9%
Profit Growth: +16.5%
EV/EBITDA: 5.25
Div Yield: 6.1%

Company Overview

Shares outstanding: 33.0M
Charter Capital: 330B VND
Sector (ICB L2): Thực phẩm và đồ uống
Industry (ICB L3): Bia và đồ uống
Sub-industry: Đồ uống & giải khát
Company Type: CT

Ownership network

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

Shareholders

Công ty TNHH Nhà nước MTV Yến Sào Khánh Hòa

Inst

51.1%

16.9M

2026-06-30

Công Ty TNHH Bao Bì Nước Giải Khát Crown Đồng Nai

Inst

10.0%

3.3M

2022-06-30

Công ty TNHH NHT

Inst

4.7%

1.6M

2022-12-01

Lê Thị Hồng Vân

Indiv

0.3%

113,600

2022-12-08

Võ Thị Liễu Nhi

Indiv

0.2%

54,600

2024-04-04

Lê Đức Tiến

Indiv

0.1%

45,100

2026-06-30

Board & Management

Hoàng Thị Ân Vũ

Head of Supervisors Board

Trương Văn Trung

Deputy General Director

Bùi Thị Hạnh

Member of Management Board

Ngô Thị Xuân Nghĩa

Chief Accountant

Nguyễn Minh Quân

Member of Supervisors Board

Top connections

SKN51.1%SKV51.1%

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

SKH among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

SKH among Consumer