SRA

Công ty Cổ phần SARA Việt Nam

VietnamConsumerY tếThiết bị và Dịch vụ Y tếHNXCT

1.700

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+22.8%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 1.700
Calibrated intrinsic value (VND): 2.087

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.

Also note

Trading liquidity is low.

Comparison assessed 3 Nov 2026Valid through 29 Nov 2026

Model reliability: Medium; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: 58.6%; 12 monthsHistorical calibration; Chance the return beats the median return of its sector peers.

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.

12-month sector-relative outlook

+5.5percentage points

Consumer12 monthsBack-test 2015–2024

Median 12-month return difference versus Consumer peers, for model gaps like this one.

Not an absolute return forecast.
Not a price target.
A stock can underperform its sector and still rise.

Computed 30 Oct 2026Not updated with daily prices

Sector calibration span · percentage points

−9.5+5.5

The sector’s historical range, not a prediction interval for this stock.
Actual returns can fall outside it.

Published filingsValued 30 Oct 2026Anchored to close on 30 Oct 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Y tế→Consumer

Classified as consumer because ICB sector “Y tế” 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

0.902

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.06%

E/(D+E)

94.19%

Kd(1-t)

4.20%

D/(D+E)

5.81%

WACC

10.66%

Growth Estimate

historical blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→27.56B

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)→1.700

Calibrated value vs last close→+22.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

2.087

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

Discount rate (WACC)10.66%

Growth rate4.00%growth method: historical blend

Base cash flow27.6 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%
8.7%	2.318	2.318	2.318	2.318	2.318
9.7%	2.318	2.318	2.318	2.318	2.318
10.7%	2.155	2.155	2.155	2.155	2.179
11.7%	2.122	2.122	2.122	2.155	2.155
12.7%	2.087	2.087	2.087	2.087	2.122

Above market priceBelow market priceCurrent estimate

SRA among Consumer

Every stock in the sector, SRA 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 SRA. 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)	·	83	92	402	368	355	125	114	144	72	14	11	11	15
Cash and cash equivalents (Bn. VND)Net debt bridge	·	4	10	8	24	13	9	4	6	1	4	0.02	0.1	0.6
Short-term investments (Bn. VND)Net debt bridge	·	0	0	40	0	0	0	17	32	0	0	0	0	0
Accounts receivable (Bn. VND)	·	28	64	303	317	312	114	74	97	28	10	11	11	1
Prepayments to suppliers (Bn. VND)	·	0.6	11	271	259	260	31	10	38	3	0.8	10	8	2
Net Inventories	·	50	17	48	26	28	0.8	16	7	41	0.07	0	0	0
Inventories, Net (Bn. VND)	·	50	19	50	26	28	0.8	16	7	41	0.07	0	0	0
Other current assets	·	1	0.9	2	2	3	2	3	2	2	0.04	0	0.01	13
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	13
LONG-TERM ASSETS (Bn. VND)	·	690	647	256	281	247	319	263	30	7	7	13	13	11
Long-term trade receivables (Bn. VND)	·	0.2	0.2	10	10	10	90	4	4	4	4	0	0	0
Other long-term receivables (Bn. VND)	·	0.2	0.2	10	10	10	90	4	4	4	4	0	0	0
Fixed assets (Bn. VND)	·	5	7	2	1	2	25	30	12	3	3	0	0.02	7
Tangible fixed assets	·	4	6	2	1	2	25	30	12	3	3	0	0.02	0.1
Intagible fixed assets	·	0.8	1	0	0	0	0	0	0	0	0	0	0	0
Investment in properties	·	0	0	0	0	0	0	0	0	0	0	0	10	0
Long-term investments (Bn. VND)	·	666	618	204	204	204	204	229	0	0	0	3	3	3
Investments in associate companies	·	639	390	0	0	0	0	2	0	0	0	0	0	0
Other long-term assets (Bn. VND)	·	27	228	204	204	204	204	227	0	0	0	3	3	3
Less: Provision for diminuation in value of long term investments	·	−0.7	−0.2	0	0	0	0	0	0	0	0	−0.4	−0.3	−0.3
Other non-current assets	·	1	1	1	1	1	0.01	0.02	0.04	0	0	0	0	0.2
Long-term prepayments (Bn. VND)	·	1	1	1	1	1	0.01	0.02	0.04	0	0	0	0	0.2
TOTAL ASSETS (Bn. VND)	·	773	738	658	650	601	444	377	175	78	21	24	25	25
LIABILITIES (Bn. VND)	·	109	74	23	20	8	92	15	43	51	6	11	11	12
Current liabilities (Bn. VND)	·	107	72	23	18	8	91	14	43	51	6	5	5	6
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	66	39	10	0	0	80	0.3	0	7	0	0	0	0
Advances from customers (Bn. VND)	·	16	1	0	0	0	0	0	9	4	0.8	0.1	0.1	0.1
Long-term liabilities (Bn. VND)	·	2	2	0	2	0	0.6	0.9	0	0	0	6	6	6
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	2	2	0	0	0	0.6	0.9	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	664	664	634	630	594	352	363	132	27	15	13	13	13
Capital and reserves (Bn. VND)	·	664	664	634	630	594	352	363	132	27	15	13	13	13
Paid-in capital (Bn. VND)	·	432	432	432	432	432	252	180	20	20	20	20	20	20
Investment and development funds (Bn. VND)	·	3	3	3	3	3	3	3	3	3	3	3	3	3
Undistributed earnings (Bn. VND)	·	224	224	194	190	156	96	178	107	4	−7	−10	−10	−10
TOTAL RESOURCES (Bn. VND)	·	773	738	658	650	601	444	377	175	78	21	24	25	25
Short-term loans receivables (Bn. VND)	·	4	0	6	0	0	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	432	432	432	432	432	252	180	20	20	20	20	20	20
MINORITY INTERESTSNet debt bridge	·	5	5	6	6	2	1	2	3	0.5	0	0	0	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 −2.97 · 16th pctile vs VN companies

YoY ▲ +0.13

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

0.544

GMI

1.793

AQI

1.023

SGI

0.803

DEPI

0.693

SGAI

1.023

TATA

−0.032

LVGI

1.401

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 7.7694th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.6%27th 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.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.17

Distress Zone

Sharpe

−1.13

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 Burden0.25×Interest Burden0.96×Op. Margin0.01×Turnover0.15×Leverage1.16=ROE0.0%

Price Risk

Momentum

−52.8%

Volatility

86.8%

Max Drawdown

−65.2%

Key Ratios

Fiscal year 2025

826.53P/E

P/B: 0.11
P/S: 0.63
ROE: 0.0%
ROA: 0.0%
EPS: 2
BVPS: 15.249
Gross Margin: 15.4%
Net Margin: 0.2%
D/E: 0.10
Current Ratio: 0.77
Rev Growth: −19.7%
Profit Growth: −96.2%
EV/EBITDA: 10.56
Div Yield: —

Company Overview

Shares outstanding: 43.2M
Charter Capital: 432B VND
Sector (ICB L2): Y tế
Industry (ICB L3): Thiết bị và Dịch vụ Y tế
Sub-industry: Thiết bị y tế
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Hoàng Quách Việt

Indiv

8.8%

3.8M

2021-01-27

Công ty Cổ Phần Kingphar Việt Nam

Inst

7.8%

3.4M

2025-06-25

Trần Thái Hùng

Indiv

7.7%

154,900

2012-02-28

Lê Nam Hùng

Indiv

6.1%

2.6M

2023-10-30

Trần Nghĩa Vịnh

Indiv

5.1%

2.2M

2025-04-17

Lê Thu Huyền

Indiv

3.8%

1.6M

2022-03-07

Trần Thị Luyến

Indiv

2.3%

1.0M

2023-10-30

Nguyễn Tuấn Long

Indiv

0.5%

200,000

2022-06-27

Board & Management

Nguyễn Thế Sơn1.0%

Deputy General Director

Nguyễn Thị Ánh Tuyết

Member of Supervisors Board

Nguyễn Thị Thu Thùy

Member of Management Board/Person in charge of Corporate governace

Nguyễn Thị Như Ý

Internal auditor

Huỳnh Thị Xuân Nghi

Internal auditor

Trịnh Thị Duyên

Member of Supervisors Board

Hoàng Văn Ba

Chairman of Management Board

Kazuya Kirino

Independent Member of Management Board/Head of Internal auditor

Phạm Thị Minh Thư

Spokesman/Chief Accountant

Đỗ Thị Hương Thu

Head of Supervisors Board

Nguyễn Minh Tâm

General Director

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Also note

12-month sector-relative outlook

Valuation Breakdown

DCF Sensitivity

SRA among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

SRA among Consumer