SNC

Công ty Cổ phần Xuất nhập khẩu Thủy sản Năm Căn

VietnamConsumerThực phẩm và đồ uốngSản xuất thực phẩmUPCOMCT

13.100

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+11.9%Calibrated value vs last close

Last close (VND): 13.100
Calibrated intrinsic value (VND): 14.654

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.

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 25 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 26 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)

55.17%

Kd(1-t)

5.24%

D/(D+E)

44.83%

WACC

10.00%

Growth Estimate

fundamental firm blend5.97%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→3.67B

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)→13.100

Calibrated value vs last close→+11.9%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

14.654

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

Discount rate (WACC)10.00%

Growth rate5.97%growth method: fundamental firm blend

Base cash flow3.7 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	3.0%	4.5%	6.0%	7.5%	9.0%
8.0%	13.281	13.281	13.281	13.281	13.281
9.0%	N/A	10.338	10.619	12.710	13.281
10.0%	N/A	N/A	N/A	N/A	N/A
11.0%	N/A	N/A	N/A	N/A	N/A
12.0%	N/A	N/A	N/A	N/A	N/A

Above market priceBelow market priceCurrent estimate

SNC among Consumer

Every stock in the sector, SNC 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 SNC. 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)	·	164	106	174	150	128	107	138	184	130	166	120	143	95
Cash and cash equivalents (Bn. VND)Net debt bridge	·	9	9	12	8	11	13	16	16	11	21	13	9	4
Accounts receivable (Bn. VND)	·	21	18	12	18	22	22	20	24	15	59	28	33	29
Prepayments to suppliers (Bn. VND)	·	2	0.2	0.1	0.6	0.1	0.4	1	0.3	0.2	10	1	1	0
Net Inventories	·	124	77	148	122	94	71	100	142	100	85	78	100	53
Inventories, Net (Bn. VND)	·	126	81	155	124	94	71	104	147	100	85	84	117	53
Other current assets	·	10	1	2	2	2	2	3	2	3	2	1	2	9
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.09	0.2
LONG-TERM ASSETS (Bn. VND)	·	41	45	49	51	58	65	69	53	59	29	26	32	35
Long-term trade receivables (Bn. VND)	·	0	0.01	0	0	0	0.02	0	0.02	0	0.02	0	0	0
Other long-term receivables (Bn. VND)	·	0	0.01	0	0	0	0.02	0	0.02	0	0.02	0	0	0
Fixed assets (Bn. VND)	·	38	41	46	49	55	61	45	52	57	27	25	28	32
Tangible fixed assets	·	33	37	42	44	50	56	40	47	51	22	21	23	27
Intagible fixed assets	·	5	4	5	5	5	5	5	5	5	6	4	4	3
Other non-current assets	·	3	4	2	2	3	3	0.01	0.07	1	0.9	0.3	4	3
Long-term prepayments (Bn. VND)	·	3	4	2	2	3	3	0.01	0.07	1	0.9	0.3	4	3
TOTAL ASSETS (Bn. VND)	·	205	151	223	201	187	173	208	236	188	195	147	176	130
LIABILITIES (Bn. VND)	·	101	54	127	114	106	90	118	154	109	122	64	111	81
Current liabilities (Bn. VND)	·	101	54	126	109	96	74	95	145	97	122	64	110	80
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	85	43	113	98	82	58	76	98	79	98	47	84	63
Advances from customers (Bn. VND)	·	1	0.4	0.2	0.3	0.2	0.4	4	0.2	0.2	0.6	0.5	0.4	2
Long-term liabilities (Bn. VND)	·	0	0	1	5	10	15	23	9	12	0	0	0.4	1
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	1	5	10	15	23	9	12	0	0	0.4	1
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	105	97	96	87	80	83	90	82	79	73	82	65	49
Capital and reserves (Bn. VND)	·	105	97	96	87	80	83	90	82	79	73	82	65	49
Paid-in capital (Bn. VND)	·	50	50	50	50	50	50	50	50	50	50	50	50	50
Investment and development funds (Bn. VND)	·	15	15	15	15	15	15	15	15	14	14	11	9	6
Undistributed earnings (Bn. VND)	·	39	32	30	21	15	18	25	17	15	9	20	3	−9
TOTAL RESOURCES (Bn. VND)	·	205	151	223	201	187	173	208	236	188	195	147	176	130
Common shares (Bn. VND)	·	50	50	50	50	50	50	50	50	50	50	50	50	50

◆vnvalue Research Note

Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

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

75th–90th

M −1.35 · 82nd pctile vs VN companies

YoY ▲ +1.92

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

0.901

GMI

1.206

AQI

0.648

SGI

1.261

DEPI

0.923

SGAI

0.884

TATA

0.242

LVGI

1.378

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.9644th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.7%30th 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.

The company's Beneish M-Score is -1.3538 (82nd percentile vs Vietnamese peers) with a year-over-year increase of +1.92, indicating accounting measures are more aggressive than most Vietnam-listed peers and have shifted notably year-over-year. Other signals are mixed: a low Earnings-Quality score (33.1/100) driven by very poor cash-conversion (0/100) and revenue quality (0/100) contrasts with a high Altman Z-Score (4.71, in the safe zone) and a weak Piotroski F-Score (2/9).

Red Flags

Beneish M-Score -1.3538, Vietnam peer percentile 82: the score sits above the US -1.78 cutoff but the Vietnamese percentile and the large year-over-year change (+1.92) are the more relevant cues for this market; it signals relatively aggressive accounting metrics compared with 82% of Vietnamese peers.
Earnings-Quality overall 33.1/100, with cash conversion 0.0/100 and revenue quality 0.0/100: these components measure the extent to which reported profit converts to cash and the persistence/quality of revenue recognition, and both are at the bottom of the scale.
Accruals quality 22.2/100 and TATA (Total Accruals to Total Assets) = 0.2417: the low accruals quality score and positive TATA indicate reported earnings include sizeable accruals (TATA ~24.17% of assets), which reduces earnings cash backing.
Piotroski F-Score 2/9: this low score measures weak fundamental signals (profitability, leverage/liquidity, operating efficiency) across nine binary tests and points to fragile operating/fundamental metrics.

Positive Signals

Altman Z-Score 4.71 (safe zone): the Z-Score measures bankruptcy distance using working capital, retained earnings, EBIT, market value of equity and sales; 4.71 indicates a comfortable distance from classic financial distress thresholds.
Receivables quality 100.0/100 and Receivables outside the trade cycle 0.7% of total assets (30th percentile): receivables appear clean by the receivables-quality metric and the share of receivables outside the normal trade cycle is small (0.7% of assets).
LVGI (Leverage/volatility growth indicator) 1.3783 and SGI (Sales Growth Index) 1.2607: these show growth in scale; higher SGI captures sales growth (1.2607) and LVGI indicates leverage/growth dynamics—useful context where growth can explain some accounting patterns.
No accumulated losses and owner's equity (excluding minority interest) positive; parent net loss occurrences = 0 years up to FY2025: the balance sheet shows retained earnings are not negative and the parent has not reported consecutive statutory losses.

Ownership Risk

Majority economic control lies with state-owned Tổng Công ty Thủy sản Việt Nam at 50.8%, with CAMIMEX Group (CMX) holding 24.5% (significant influence). The top-five shareholder block is concentrated: the state owner plus CMX together control 75.3%. Director-deal registrations show one sale registration and zero purchase registrations disclosed in 2025-10-30 to 2026-10-30; these are registered intentions, not executed trades.

To check in the filings

Compare operating cash flow and net profit lines in the FY2023–FY2025 cash flow statements and the auditor's notes to verify the 3-year cash-conversion ratio reported as 0.96 (operating cash flow / net profit).
Inspect the receivables, prepayments and loans-receivable notes in the FY2025 annual report to confirm the 0.7% of total assets classified as receivables outside the trade cycle and to see the counterparty mix (related parties, long-term receivables, prepayments).
Review the notes to equity and retained earnings in the FY2025 statements to confirm there are no accumulated losses and that parent's net profit history shows 0 years of net loss up to FY2025.
Check the disclosures around related-party transactions and the major shareholder schedules to reconcile the top-holder percentages (Tổng Công ty Thủy sản Việt Nam 50.8%, CMX 24.5%) and to identify any loans, guarantees or atypical intra-group balances with CMX-related entities.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

4.71

Safe Zone

Sharpe

−0.38

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 Burden0.97×Interest Burden1.04×Op. Margin0.03×Turnover2.94×Leverage1.96=ROE15.5%

Price Risk

Momentum

+3.8%

Volatility

125.0%

Max Drawdown

−51.3%

Key Ratios

Fiscal year 2025

4.05P/E

P/B: 0.63
P/S: 0.11
ROE: 16.0%
ROA: 9.1%
EPS: 3.236
BVPS: 20.930
Gross Margin: 9.8%
Net Margin: 2.7%
D/E: 0.81
Current Ratio: 1.63
Rev Growth: +26.1%
Profit Growth: +7.6%
EV/EBITDA: 6.11
Div Yield: 9.2%

Company Overview

Shares outstanding: 5.0M
Charter Capital: 50.0B VND
Sector (ICB L2): Thực phẩm và đồ uống
Industry (ICB L3): Sản xuất thực phẩm
Sub-industry: Nuôi trồng nông & hải sản
Company Type: CT

Ownership network

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

Shareholders

Tổng Công ty Thủy sản Việt Nam

Inst

50.8%

2.5M

2026-06-30

Công ty Cổ phần CAMIMEX Group

CMX

24.5%

1.2M

2026-06-30

Bùi Đức Dũng

Indiv

6.5%

323,770

2023-06-23

Ngô Minh Hiển

Indiv

5.1%

251,600

2026-06-30

Trần Thiện

Indiv

5.0%

249,000

2026-05-20

Hà Văn Hạo

Indiv

1.6%

81,850

2013-04-10

Nguyễn Phước An

Indiv

1.0%

51,050

2024-12-31

Đinh Việt Triều

Indiv

0.4%

20,000

2026-06-30

Nguyễn Bá Dân

Indiv

0.1%

7,200

2014-12-31

Lâm Ngọc Kiệt

Indiv

0.1%

6,100

2015-12-31

Nguyễn Trường Giang

Indiv

0.1%

6,000

2013-04-10

Board & Management

Ngô Minh Hiển5.1%

Member of Management Board/General Director

Đinh Việt Triều0.4%

Deputy General Director/Person in charge of Corporate governace

Top connections

CMM74.0%FSO62.4%SPH59.3%SCO50.8%SPD50.8%CAN50.8%SPV50.8%SRF50.8%SJ150.8%

Listed group

CMXCông ty Cổ phần CAMIMEX Group
Holds 20% or more
24.5%
2026-06-30

Also held by CMX:CMM

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 1 without a stated volume
Purchase registrations: None

Trần Thiện
Sale · Insider
—
2026-05-20

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

DCF Sensitivity

SNC among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

Ownership network

Listed group

Director-deal registrations · 12 months

SNC among Consumer