CMF

Consumer

Công ty Cổ phần Thực phẩm Cholimex

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

423.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

617.419

Current

423.000

Gap

+46.0%

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)

61.93%

Kd(1-t)

6.38%

D/(D+E)

38.07%

WACC

10.00%

Growth Estimate

fundamental firm blend11.04%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→214.15B

Projection years→10

Valuation

Base FCF

214.15B

Growth Rate

11.04%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

617.419

Value Decomposition

41%

59%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CMF

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.83

Low Risk

DSRI

0.835

GMI

1.002

AQI

0.447

SGI

1.099

DEPI

0.838

SGAI

0.977

TATA

-0.026

LVGI

0.779

The forensic assessment of CMF indicates a low risk of financial manipulation, supported by a Beneish M-Score of -2.8301, which is well below the manipulation threshold. Additionally, the company's earnings quality score of 95.8/100 reflects strong operational performance and cash conversion metrics.

Positive Signals

Earnings Quality Score of 95.8/100 indicates strong operational performance and cash conversion.
The low DSRI of 0.8347 suggests effective inventory management relative to sales.

Ownership Risk

The ownership structure is concentrated among a few institutional investors, which may reduce the risk of erratic decision-making but could also lead to potential conflicts of interest among major shareholders.

Recommendation

Continue monitoring CMF for any changes in financial metrics, but consider it a stable investment given its strong earnings quality and low risk of manipulation.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

6.78

Safe Zone

Sharpe

0.50

Positive

Composite

Strong

Price Risk

Momentum

+32.9%

Volatility

75.7%

Max Drawdown

-17.4%

Key Ratios

Fiscal year 2025

12.02P/E

P/B2.46

P/S0.84

ROE22.1%

ROA14.7%

EPS35177.83

BVPS172149.59

Gross Margin28.0%

Net Margin7.0%

D/E0.42

Current Ratio1.84

Rev Growth9.8%

Profit Growth13.9%

EV/EBITDA8.44

Div Yield1.2%

Company Overview

Issued Shares

8.1M

Charter Capital

81.0B 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 CMF — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Xuất nhập khẩu và Đầu tư Chợ Lớn (CHOLIMEX)

Inst

40.7%

3.3 trieu

Công ty Cổ phần Hàng Tiêu Dùng MaSan

Inst

32.8%

2.7 trieu

Công ty TNHH MTV Thực Phẩm Masan

Inst

32.8%

2.7 trieu

Nichirei Foods Inc.

Inst

19.0%

1.5 trieu

Diệp Nam Hải

Indiv

0.3%

21.000

Dương Văn Hùng

Indiv

0.1%

10.600

Board & Management

Diệp Nam Hải0.3%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Dương Văn Hùng0.1%

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Huyền Trang

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Bích Ngọc

Kế toán trưởng/Giám đốc Tài chính

Hồ Ngọc Hương

Phó Tổng Giám đốc

Huỳnh An Trung

Thành viên Hội đồng Quản trị

Phạm Văn Tranh

Trưởng Ban kiểm soát

Đỗ Thị Hoàng Yến

Thành viên Ban kiểm soát

Trần Phương Bắc

Thành viên Hội đồng Quản trị

Trương Minh Thông

Thành viên Ban kiểm soát

Lưu Thanh Danh

Thành viên Hội đồng Quản trị

Top connections

TIX40.7%PHH19.8%FIC7.0%MGG6.9%CVN4.9%KHS3.3%LMH2.7%NLG2.1%

Computed 12/04/2026