VHE

Công ty Cổ phần Dược liệu và Thực phẩm Việt Nam

VietnamConsumerY tếDược phẩmHNXCT

2.700

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+26.8%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 2.700
Calibrated intrinsic value (VND): 3.423

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 2 Dec 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 2 Nov 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

0.655

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

9.98%

E/(D+E)

73.16%

Kd(1-t)

5.04%

D/(D+E)

26.84%

WACC

10.00%

Growth Estimate

fundamental firm blend8.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→3.42B

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)→2.700

Calibrated value vs last close→+26.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

3.423

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

Discount rate (WACC)10.00%

Growth rate8.00%growth method: fundamental firm blend

Base cash flow3.4 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	5.0%	6.5%	8.0%	9.5%	11.0%
8.0%	N/A	N/A	N/A	N/A	N/A
9.0%	N/A	N/A	N/A	N/A	N/A
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

VHE among Consumer

Every stock in the sector, VHE marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one stock in the sector; the amber bead with its stem is VHE. 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
CURRENT ASSETS (Bn. VND)	·	424	294	357	319	329	160	108	86	86	26
Cash and cash equivalents (Bn. VND)Net debt bridge	·	5	0.7	0.2	0.1	10	10	2	2	1	1
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	3	0	0	0	0	0
Accounts receivable (Bn. VND)	·	96	84	147	16	8	14	9	22	40	0.08
Prepayments to suppliers (Bn. VND)	·	17	14	12	0.1	0.8	0.6	5	2	39	0.08
Net Inventories	·	320	209	210	302	305	134	96	61	44	25
Inventories, Net (Bn. VND)	·	320	209	210	303	305	134	96	61	44	25
Other current assets	·	3	0.5	0.2	0.8	2	1	0.9	2	0.3	0.05
LONG-TERM ASSETS (Bn. VND)	·	196	201	55	62	69	73	66	72	27	0.3
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0.03	0.04	0	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	0.03	0.04	0	0
Fixed assets (Bn. VND)	·	195	200	55	62	68	73	65	70	26	0
Tangible fixed assets	·	28	32	38	45	52	56	48	53	10	0
Intagible fixed assets	·	168	168	17	17	17	17	17	17	17	0
Other non-current assets	·	0.5	0.3	0.2	0.2	0.2	0.4	1	2	0.05	0.08
Long-term prepayments (Bn. VND)	·	0.5	0.3	0.2	0.2	0.2	0.4	1	2	0.05	0.08
TOTAL ASSETS (Bn. VND)	·	620	495	412	381	397	233	174	158	113	26
LIABILITIES (Bn. VND)	·	243	136	78	48	73	69	63	56	17	6
Current liabilities (Bn. VND)	·	243	135	75	44	68	62	60	52	11	6
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	229	131	65	38	65	56	51	42	2	5
Advances from customers (Bn. VND)	·	0.3	0.1	6	0.3	0.5	1	3	7	5	0.4
Long-term liabilities (Bn. VND)	·	0.6	0.8	3	4	5	7	3	5	6	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0.4	0.6	3	4	5	7	3	5	6	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	377	359	334	332	324	164	111	102	96	20
Capital and reserves (Bn. VND)	·	377	359	334	332	324	164	111	102	96	20
Paid-in capital (Bn. VND)	·	331	331	331	331	316	158	88	88	88	20
Difference upon Assets Revaluation	·	0.7	0.7	0	0	0	0	0	0	0	0
Undistributed earnings (Bn. VND)	·	22	5	3	1	8	6	23	14	8	0.03
TOTAL RESOURCES (Bn. VND)	·	620	495	412	381	397	233	174	158	113	26
Common shares (Bn. VND)	·	331	331	331	331	316	158	88	88	88	20
MINORITY INTERESTSNet debt bridge	·	23	23	0	0	0	0	0	0	0	0

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 −1.92 · 68th pctile vs VN companies

YoY ▲ +0.03

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

0.925

GMI

0.451

AQI

0.711

SGI

1.226

DEPI

0.814

SGAI

0.759

TATA

0.205

LVGI

1.431

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −0.4417th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.8%55th 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

1.69

Distress Zone

Sharpe

−1.43

Negative

Composite

70 and above

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 Burden1.00×Op. Margin0.04×Turnover0.86×Leverage1.65=ROE4.7%

Price Risk

Momentum

−42.9%

Volatility

39.6%

Max Drawdown

−48.1%

Key Ratios

Fiscal year 2025

5.09P/E

P/B: 0.25
P/S: 0.17
ROE: 5.1%
ROA: 3.2%
EPS: 531
BVPS: 10.686
Gross Margin: 8.0%
Net Margin: 3.3%
D/E: 0.61
Current Ratio: 1.75
Rev Growth: +22.6%
Profit Growth: +833.8%
EV/EBITDA: 7.78
Div Yield: —

Company Overview

Shares outstanding: 33.1M
Charter Capital: 331B VND
Sector (ICB L2): Y tế
Industry (ICB L3): Dược phẩm
Sub-industry: Dược phẩm
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Bùi Tiến Vinh

Indiv

13.3%

4.4M

2026-06-30

Nguyễn Thị Thu

Indiv

5.0%

1.6M

2025-05-27

Lê Thị Hằng Nga

Indiv

4.5%

1.5M

2024-09-26

Trần Nhật Thành

Indiv

3.5%

1.1M

2026-06-30

Nguyễn Thế Hùng

Indiv

1.6%

515,000

2026-06-30

Board & Management

Bùi Tiến Vinh13.3%

Chairman of Management Board

Trần Nhật Thành3.5%

Member of Management Board/General Director

Nguyễn Thế Hùng1.6%

Member of Management Board

Bùi Thị Hồng Dung

Spokesman

Nguyễn Đình Công

Independent Member of Management Board/Internal auditor

Đỗ Thị Hạnh

Head of Internal auditor

Phạm Thị Ánh

Chief Accountant

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 1,680,600 shares
Purchase registrations: None
Registered net, share of outstanding:: −5.07%

Nguyễn Thị Hải Hội
Sale · Insider
1,680,600
2025-12-31

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

Also note

12-month sector-relative outlook

Valuation Breakdown

DCF Sensitivity

VHE 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

VHE among Consumer