Calibrated intrinsic value vs last close
Illustrative estimate- Last close (VND)
- 21.900
- Calibrated intrinsic value (VND)
- 24.497
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
- 1Measure the gap
Between the model and the last close.
- 2Check the record2015–2024
What gaps of that size went on to earn over the following year.
- 3Apply 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.
- The model uses profit in place of cash flow, which was not available.
- The latest cash flow is zero or negative.
Also note
- 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 3 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.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
Valuation Breakdown
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
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).
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.
Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.
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 × (1 + calibrated gap / 100)
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.
Earnings Quality
Financial Forensics
Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.
Checks measured on Vietnamese companies · FY2025
- Cash conversion, 3 yearsOperating cash flow / net profit
- −0.0222nd pctile
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 0.1%10th 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 shows strong forensic-accounting signals of aggressive accounting by Vietnamese standards: a Beneish M-Score of 3.3693 (98th percentile vs Vietnamese peers) with a year-over-year rise of +9.24. Earnings-quality metrics are very weak (Earnings Quality 1.6/100) while leverage and receivables/sales signals (LVGI 1.7648; DSRI 4.8137) and a low Piotroski F-Score (2/9) add concern; however, receivables outside the trade cycle are small (0.1% of assets) and there are no accumulated losses on the balance sheet.
- Beneish M-Score 3.3693 (measures likelihood of earnings manipulation based on eight ratios) — the company's score sits at the 98th percentile among Vietnamese peers, indicating far more aggressive accounting indicators than most local companies.
- Year-over-year M-Score change +9.24 (measures the trajectory of the manipulation signal) — a large increase year-over-year, which is a secondary cue that accounting indicators have recently shifted.
- DSRI 4.8137 (days-sales-in-receivables index; measures whether receivables are growing faster than sales) — this very high value suggests receivables or revenue recognition have expanded much faster than sales.
- GMI 2.2875 (gross margin index; measures deterioration in gross margins) — >1 indicates gross margins have worsened, which can create pressure to manage earnings.
- LVGI 1.7648 (leverage index; measures growth in leverage) — >1 shows rising leverage, which can incentivize earnings management.
- TATA 0.3523 (total accruals to total assets; measures the magnitude of accruals) — positive accruals of 35.23% of assets indicate earnings include sizeable accrual components.
- Earnings Quality score 1.6/100 with several sub-scores at 0/100 (cash conversion 0/100; receivables quality 0/100; margin and revenue quality 0/100) — these figures measure cash-flow and component quality of reported profits and show that reported profits are not supported by high-quality cash flow or revenue drivers.
- Piotroski F-Score 2/9 (measures nine fundamental health signals) — a low score indicates weak operating and balance-sheet fundamentals.
- Altman Z-Score 2.92 (measures distance to bankruptcy) in the grey zone — indicates an intermediate level of financial stress rather than clear safety.
- Cash conversion (3-year operating cash flow / net profit) = -0.02 (22nd percentile among VN non-financials) — profits are not converting to operating cash flow, which is a concern for earnings quality.
- Receivables outside the trade cycle = 0.1% of total assets (10th percentile) — measures prepayments, loans receivable and other long-term receivables; the absolute level is very small, which reduces concerns about off-cycle receivable buildup.
- DEPI 1.0000 (depreciation index; measures changes in depreciation policy) — at 1.0, this suggests no evident change in depreciation rates that would artificially inflate profit.
- Accumulated losses: none — undistributed earnings are positive, a straightforward balance-sheet fact.
- No parent-level net loss in the last three years (0 consecutive years of parent net loss up to FY2025) — the company has not reported parent-company net losses in the period under review.
Ownership is highly concentrated: an individual, Phạm Thị Linh, holds 53.4% and the Đắk Lắk provincial government holds 36.0%. This combination gives clear dominant control by a single individual together with a substantial state stake, which can influence related-party flows, intra-group transactions and governance outcomes.
- Compare the notes to the financial statements showing trade receivables, loans to related parties and prepayments with the revenue and receivables lines to reconcile the components behind DSRI = 4.8137.
- Reconcile operating cash flow in the cash-flow statement to reported net profit and the TATA calculation (total accruals / total assets = 0.3523) to see which accrual items drive the gap between profit and cash.
- Review the related-party/other receivables schedules and the 'long-term receivables' note to verify the 0.1% of assets reported as receivables outside the trade cycle.
- Check the auditors' report and the accounting-policy disclosures for depreciation (DEPI = 1.0000) and any changes in revenue recognition policies that could explain the sudden M-Score shift (+9.24).
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- 1.22
- P/S
- 0.65
- ROE
- 8.9%
- ROA
- 5.9%
- EPS
- 1.370
- BVPS
- 16.066
- Gross Margin
- 10.3%
- Net Margin
- 4.6%
- D/E
- 0.57
- Current Ratio
- 2.07
- Rev Growth
- +29.7%
- Profit Growth
- −61.8%
- EV/EBITDA
- 9.40
- Div Yield
- —
Company Overview
- Shares outstanding
- 12.7M
- Charter Capital
- 127B 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