BCF

Consumer

Công ty Cổ phần Thực phẩm Bích Chi

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

42.000

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

27.241

Current

42.000

Gap

-35.1%

ModelFCF DCF

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

Value = Sum of [FCF / (1+WACC)^t] + Terminal Value / (1+WACC)^n

A classic Discounted Cash Flow model built on Free Cash Flow (FCF), the actual cash a business generates after all operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted back to today's value using WACC. This is the gold standard of intrinsic valuation: it values the company based on what it can actually deliver to shareholders, independent of market sentiment.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

0.800

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

10.10%

E/(D+E)

61.14%

Kd(1-t)

6.35%

D/(D+E)

38.86%

WACC

10.00%

Growth Estimate

fundamental firm blend11.30%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→52.01B

Projection years→10

Valuation

Base FCF

52.01B

Growth Rate

11.30%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

27.241

Value Decomposition

41%

59%

Explicit period (41%)Terminal value (59%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — BCF

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.01

Moderate

DSRI

1.282

GMI

0.892

AQI

1.830

SGI

1.282

DEPI

1.107

SGAI

0.915

TATA

-0.041

LVGI

1.463

BCF exhibits a Beneish M-Score of -2.0061, indicating a lower likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the high DSRI and LVGI values suggest potential concerns regarding inventory management and sales growth relative to inventory.

Red Flags

DSRI of 1.2821 indicates a significant increase in receivables relative to sales, which could suggest aggressive revenue recognition practices.
LVGI of 1.4634 indicates that sales growth is outpacing inventory growth, which may raise concerns about the sustainability of sales figures.

Positive Signals

Earnings Quality Score of 77.2/100 reflects strong cash conversion and receivables management, with cash conversion at 100.0/100.
Beneish GMI of 0.8922 suggests that gross margin is stable, which is a positive indicator for profitability.

Ownership Risk

The ownership structure is concentrated among a few individuals, which may lead to governance risks and potential conflicts of interest, particularly if decisions favor the interests of major shareholders over minority investors.

Recommendation

Monitor BCF's inventory management closely, especially given the elevated DSRI and LVGI metrics. Consider a cautious investment approach, focusing on quarterly earnings reports to assess any changes in revenue recognition practices.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

5.15

Safe Zone

Sharpe

0.44

Positive

Composite

Weak

Price Risk

Momentum

+18.9%

Volatility

19.4%

Max Drawdown

-11.6%

Key Ratios

Fiscal year 2025

13.08P/E

P/B3.60

P/S2.03

ROE29.1%

ROA17.4%

EPS3210.89

BVPS11666.31

Gross Margin29.0%

Net Margin15.5%

D/E0.71

Current Ratio2.32

Rev Growth3.7%

Profit Growth18.1%

EV/EBITDA11.08

Div Yield4.8%

Company Overview

Issued Shares

38.0M

Charter Capital

379.6B VND

Sector (ICB L2)

Thực phẩm và đồ uống

Industry (ICB L3)

Sản xuất thực phẩm

Sub-industry

Thực phẩm

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for BCF — hover nodes for intel, click to navigate

Shareholders

Phạm Thanh Bình

Indiv

14.4%

5.5 trieu

Bùi Văn Sáu

Indiv

10.0%

3.8 trieu

nguyen-huong-lien

Indiv

9.7%

3.7 trieu

Mai Thế Khôi

Indiv

9.7%

3.7 trieu

Phạm Hoàng Thái

Indiv

7.1%

2.7 trieu

Trần Thị Nhự

Indiv

5.9%

2.2 trieu

Nguyễn Ngọc Tiều

Indiv

4.9%

1.9 trieu

Nguyễn Thị Ngọc Hà

Indiv

4.7%

1.0 trieu

Trang Sĩ Đức

Indiv

4.5%

1.7 trieu

Vũ Văn Hải

Indiv

4.2%

1.4 trieu

Nguyễn Thị Minh Ngọc

Indiv

3.6%

1.2 trieu

Vũ Nguyễn Kim Phụng

Indiv

2.9%

1.1 trieu

Nguyễn Thị Thành

Indiv

1.4%

526.307

Bùi Thị Ngọc Tuyền

Indiv

0.9%

322.948

Trần Mạnh Hùng

Indiv

0.6%

223.250

Nguyễn Thị Bích Hằng

Indiv

0.6%

210.986

Trương Thành Nhiệm

Indiv

0.5%

173.956

Phạm Thúy Hà

Indiv

0.4%

169.176

Huỳnh Thị Lệ Hoa

Indiv

0.3%

118.162

Bùi Thị Ngọc Trâm

Indiv

0.3%

117.678

Nguyễn Thị Thu Thủy

Indiv

0.3%

93.884

Tăng Thị Thùy Trang

Indiv

0.2%

94.332

Trang Thị Ngọc Thu

Indiv

0.2%

81.316

Bùi Nhựt Thanh

Indiv

0.2%

71.421

Phạm Thị Hương Sơn

Indiv

0.2%

62.559

Công đoàn cơ sở CTCP Thực phẩm Bích Chi

Inst

0.1%

30.642

Board & Management

Phạm Thanh Bình14.4%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Bùi Văn Sáu10.0%

Phó Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Hương Liên9.7%

Thành viên Hội đồng Quản trị

Mai Thế Khôi9.7%

Chủ tịch Hội đồng Quản trị

Phạm Hoàng Thái7.1%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Ngọc Tiều4.9%

Thành viên Hội đồng Quản trị

Trang Sĩ Đức4.5%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Bùi Thị Ngọc Tuyền0.9%

Phó Tổng Giám đốc

Trần Mạnh Hùng0.6%

Thành viên Ban kiểm soát

Nguyễn Thị Thu Thủy0.3%

Trưởng Ban kiểm soát

Nguyễn Thị Thu Thảo

Thành viên Ban kiểm soát

Trần Văn Thiều

Kế toán trưởng

Top connections

ONW21.8%HAC14.4%MBB2 links DXV14.4%MKV13.0%VFR12.5%TV612.3%TTA11.6%LM89.7%TCB9.7%SIP9.6%HHP8.3%

Computed 12/04/2026