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Consumer sector

CMM

Consumer
Công ty Cổ phần Camimex
Thực phẩm và đồ uống/Sản xuất thực phẩmCT
18.700
VND · Last close
Valuation Verdict
Undervalued
Low
-120%Fair Value+120%
Intrinsic Value
41.549
Current
18.700
Gap
+122.2%
ModelFCF DCF

Valuation Breakdown

CTThực phẩm và đồ uốngConsumer
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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.50%
+
Betasector default
0.800
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
10.10%
Ke
10.10%
x
E/(D+E)
33.45%
+
Kd(1-t)
6.59%
x
D/(D+E)
66.55%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend3.93%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF353.66B
Projection years10
4
Valuation
Base FCF
353.66B
Growth Rate
3.93%
WACC
10.00%
Terminal Growth
4.00%
DCF Value
41.549
Value Decomposition
43%
57%
Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — CMM

Earnings Quality

Fiscal year 2025

65
Fair
Accrual Quality
77
Cash Conversion
100
Receivables
100
Margin Stability
7
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2024

-2.16
Moderate
DSRI
0.762
GMI
0.982
AQI
1.084
SGI
1.384
DEPI
0.836
SGAI
1.059
TATA
0.047
LVGI
1.053

CMM exhibits several concerning indicators of potential earnings manipulation, as evidenced by its Beneish M-Score of -2.157, which is below the manipulation threshold. While the company has a strong receivables score, its overall earnings quality is low, indicating potential issues with revenue recognition and cash conversion.

Red Flags
  • Beneish M-Score of -2.157 indicates potential earnings manipulation, as it is below the threshold of -1.78.
  • Earnings Quality Score of 43.8/100 is low, particularly with an eq_cash_conv of 0.0/100, suggesting poor cash conversion from earnings.
Positive Signals
  • Strong receivables score of 100.0/100 indicates effective management of accounts receivable.
  • DSRI of 0.7617 suggests that the company has a lower risk of inventory overstatement compared to its peers.
Ownership Risk

The ownership structure is heavily concentrated, with CAMIMEX Group holding 74.0%, which may lead to governance risks and reduced minority shareholder influence.

Recommendation

Investors should approach CMM with caution, closely monitoring future earnings reports and cash flow statements. It may be prudent to wait for improved earnings quality metrics before considering an investment.

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

Quantitative Scores

F-Score
6/9
Neutral
Z-Score
1.64
Distress Zone
Sharpe
0.51
Positive
Composite
81
Strong
Price Risk
Momentum
+116.3%
Volatility
140.1%
Max Drawdown
-49.0%

Key Ratios

Fiscal year 2025
11.84P/E
P/B1.28
P/S0.63
ROE11.4%
ROA3.6%
EPS1346.45
BVPS12453.73
Gross Margin22.1%
Net Margin5.3%
D/E2.22
Current Ratio1.56
Rev Growth-4.8%
Profit Growth142.0%
EV/EBITDA8.60
Div Yield0.0%

Company Overview

Issued Shares
91.8M
Charter Capital
979.0B VND
Sector (ICB L2)
Thực phẩm và đồ uống
Industry (ICB L3)
Sản xuất thực phẩm
Sub-industry
Thực phẩm
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Công ty Cổ phần CAMIMEX Group
Inst
74.0%
72.5 trieu
Bùi Đức Dũng
Indiv
12.5%
11.4 trieu
Vũ Thị Bích Ngọc
Indiv
1.8%
1.6 trieu
Bùi Sĩ Tuấn
Indiv
1.5%
1.5 trieu
Bùi Đức Cường
Indiv
0.3%
240.000
Computed 12/04/2026
Methodology & Disclosure

vnvalue is a methodology engine — not an advisor. Every number is the deterministic output of a published formula applied to public financial data. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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