SKV

Công ty Cổ phần Nước Giải khát Yến sào Khánh Hòa

VietnamConsumerThực phẩm và đồ uốngBia và đồ uốngUPCOMCT

22.600

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+16.8%Calibrated value vs last close

Last close (VND): 22.600
Calibrated intrinsic value (VND): 26.390

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 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→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)

73.38%

Kd(1-t)

2.95%

D/(D+E)

26.62%

WACC

10.00%

Growth Estimate

fundamental firm blend4.82%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→83.90B

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)→22.600

Calibrated value vs last close→+16.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

26.390

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

Discount rate (WACC)10.00%

Growth rate4.82%growth method: fundamental firm blend

Base cash flow83.9 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	1.8%	3.3%	4.8%	6.3%	7.8%
8.0%	28.204	28.204	28.204	28.652	28.652
9.0%	27.750	27.750	27.750	27.750	27.750
10.0%	26.390	26.390	26.390	26.390	27.750
11.0%	26.390	26.390	26.390	26.390	26.390
12.0%	25.334	25.919	25.919	26.390	26.390

Above market priceBelow market priceCurrent estimate

SKV among Consumer

Every stock in the sector, SKV 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 SKV. 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)	·	563	659	734	655	552	547	462	417	259	275	158	74	51
Cash and cash equivalents (Bn. VND)Net debt bridge	·	92	108	96	120	88	45	16	15	66	21	0.00	0	0
Short-term investments (Bn. VND)Net debt bridge	·	41	40	0	5	2	0	0	0	0	0	0	0	0
Accounts receivable (Bn. VND)	·	29	181	274	19	150	160	126	51	23	196	111	0.3	12
Prepayments to suppliers (Bn. VND)	·	4	8	15	3	2	3	3	17	12	3	5	0.07	0
Net Inventories	·	390	322	356	494	302	339	318	344	169	58	45	74	38
Inventories, Net (Bn. VND)	·	390	322	356	494	302	339	318	344	169	58	45	74	38
Other current assets	·	10	8	7	17	9	2	2	7	0.9	0.08	2	0.1	0.5
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.04
LONG-TERM ASSETS (Bn. VND)	·	172	164	158	110	125	138	152	140	123	135	152	63	62
Long-term trade receivables (Bn. VND)	·	0.3	0.3	0.4	0.3	0.2	0.09	0.05	0.05	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	0.3	0.3	0.4	0.3	0.2	0.09	0.05	0.05	0	0	0	0	0
Fixed assets (Bn. VND)	·	109	113	63	62	68	68	74	56	33	25	26	16	60
Tangible fixed assets	·	103	107	57	56	62	65	71	53	30	25	26	16	15
Intagible fixed assets	·	5	5	5	5	6	3	3	4	3	0	0	0	0.02
Other non-current assets	·	38	51	38	44	55	69	77	84	89	110	127	47	2
Long-term prepayments (Bn. VND)	·	38	51	38	44	55	69	77	84	88	110	127	47	2
TOTAL ASSETS (Bn. VND)	·	735	823	892	765	677	685	614	557	382	410	310	137	113
LIABILITIES (Bn. VND)	·	338	444	493	387	339	371	302	258	99	164	51	17	113
Current liabilities (Bn. VND)	·	338	444	493	387	339	371	302	258	99	164	51	17	14
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	98	183	144	93	88	86	84	78	0	0	0	0	0
Advances from customers (Bn. VND)	·	32	0.3	0.4	59	1	1	2	0.00	0	0.00	0.2	0.01	0.06
Long-term liabilities (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	99
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	396	379	398	377	338	314	312	299	283	246	259	119	0
Capital and reserves (Bn. VND)	·	396	379	398	377	338	314	312	299	283	246	259	119	0
Paid-in capital (Bn. VND)	·	230	230	230	230	230	230	230	230	230	230	119	119	0
Difference upon Assets Revaluation	·	0	0	0	0	0	0	0	0	0	0	106	0	0
Investment and development funds (Bn. VND)	·	91	79	58	37	21	16	10	13	2	0	15	0	0
Undistributed earnings (Bn. VND)	·	72	67	107	107	84	65	68	52	48	13	20	0	0
Budget sources and other funds	·	0.00	0.00	0.00	−0.01	−0.00	0	0	0	0	0	0	0	0
Budget sources and other funds	·	0.00	0.00	0.00	−0.01	−0.00	0	0	0	0	0	0	0	0
TOTAL RESOURCES (Bn. VND)	·	735	823	892	765	677	685	614	557	382	410	310	137	113
Common shares (Bn. VND)	·	230	230	230	230	230	230	230	230	230	230	119	119	0

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −3.50 · 6th pctile vs VN companies

YoY ▼ −0.30

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

0.182

GMI

1.158

AQI

1.372

SGI

0.867

DEPI

0.936

SGAI

0.722

TATA

−0.101

LVGI

0.853

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.2355th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.6%28th 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

6/9

Neutral

Z-Score

3.81

Safe Zone

Sharpe

−0.56

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 Burden0.79×Interest Burden1.00×Op. Margin0.06×Turnover1.84×Leverage1.85=ROE17.2%

Price Risk

Momentum

−13.9%

Volatility

44.4%

Max Drawdown

−17.5%

Key Ratios

Fiscal year 2025

7.63P/E

P/B: 1.31
P/S: 0.39
ROE: 17.6%
ROA: 8.7%
EPS: 2.961
BVPS: 17.230
Gross Margin: 18.2%
Net Margin: 5.1%
D/E: 0.25
Current Ratio: 1.66
Rev Growth: −13.3%
Profit Growth: +9.1%
EV/EBITDA: 4.47
Div Yield: 8.1%

Company Overview

Shares outstanding: 23.0M
Charter Capital: 230B 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 SKV. Hover for detail, select a link to open it.

Shareholders

Công ty TNHH Nhà nước MTV Yến Sào Khánh Hòa

Inst

51.0%

11.7M

2026-06-30

Đinh Viết Thuận

Indiv

0.3%

69,040

2017-08-12

Trần Văn Ngân

Indiv

0.3%

57,800

2025-12-31

Công ty CP Du Lịch Thương Mại Nha Trang

Inst

0.1%

27,920

2026-04-21

Board & Management

Huỳnh Thị Trần Lê

Head of Supervisors Board

Phan Thị Giang

Member of Management Board/General Director

Phạm Quốc Hùng

Deputy General Director

Huỳnh Đức Trọng

Member of Management Board/Deputy of Chief Customer Officer

Phạm Thị Thu Huyền

Member of Management Board/Deputy General Director/Person in charge of Corporate governace

Phạm Duy Hưng

Member of Supervisors Board

Phạm Thị Duy Trinh

Chief Accountant

Vương Phạm Phương Thanh

Member of Management Board

Hồ Hải

Member of Supervisors Board

Top connections

SKH51.1%SKN51.0%

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 32,270 shares
Purchase registrations: None
Registered net, share of outstanding:: −0.14%

Công ty CP Du Lịch Thương Mại Nha Trang
Sale · Institution
32,270
2026-04-21

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

SKV 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

SKV among Consumer