CMX

Consumer

Công ty Cổ phần CAMIMEX Group

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

6.170

VND · Last close

Valuation Verdict

Undervalued

High

-120%Fair Value+120%

Intrinsic Value

61.944

Current

6.170

Gap

+500.0%

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)

43.62%

Kd(1-t)

6.44%

D/(D+E)

56.38%

WACC

10.00%

Growth Estimate

fundamental firm blend3.85%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→489.48B

Projection years→10

Valuation

Base FCF

489.48B

Growth Rate

3.85%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

61.944

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — CMX

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.21

Moderate

DSRI

0.789

GMI

1.175

AQI

0.570

SGI

1.461

DEPI

0.823

SGAI

1.018

TATA

0.033

LVGI

0.980

CMX exhibits several concerning financial metrics, particularly its Beneish M-Score of -2.2065, which indicates a lower likelihood of earnings manipulation. However, the earnings quality score of 55.6 suggests potential issues with cash conversion and revenue recognition, raising red flags about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.2065, indicating potential earnings manipulation risk as it is below the threshold of -1.78.
Earnings Quality Score of 55.6, particularly concerning the cash conversion score of 0.0/100, indicating severe issues in converting earnings to cash.

Positive Signals

Strong receivables quality score of 100.0/100, indicating effective management of accounts receivable.
DSRI of 0.7889 suggests that inventory levels are well managed relative to sales, which is a positive indicator in the context of Vietnamese market practices.

Ownership Risk

The top shareholders include significant individual ownership, with the largest shareholder holding 17.6%. This concentration may lead to governance risks, as decisions could be influenced by a few individuals rather than a broader shareholder base.

Recommendation

Investors should closely monitor CMX's cash conversion and revenue recognition practices, considering a cautious approach until improvements in earnings quality metrics are observed. Engaging with management regarding their strategies for enhancing cash flow and addressing the low cash conversion score is advisable.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.28

Distress Zone

Sharpe

-0.67

Negative

Composite

Fair

Price Risk

Momentum

-21.1%

Volatility

23.9%

Max Drawdown

-27.7%

Key Ratios

Fiscal year 2025

6.68P/E

P/B0.49

P/S0.21

ROE7.6%

ROA2.2%

EPS923.99

BVPS12516.67

Gross Margin20.5%

Net Margin3.2%

D/E1.70

Current Ratio1.85

Rev Growth-0.5%

Profit Growth68.2%

EV/EBITDA5.94

Div Yield0.0%

Company Overview

Issued Shares

101.9M

Charter Capital

1019.0B VND

Sector (ICB L2)

Thực phẩm và đồ uống

Industry (ICB L3)

Sản xuất thực phẩm

Sub-industry

Nuôi trồng nông & hải sản

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Bùi Sĩ Tuấn

Indiv

17.6%

17.9 trieu

Công ty TNHH Es Vina

Inst

15.1%

15.4 trieu

Hà Văn Bằng

Indiv

13.2%

13.5 trieu

Bùi Đức Dũng

Indiv

7.6%

7.7 trieu

NGUYỄN AN NINH

Indiv

5.0%

1.3 trieu

Nguyễn Xuân Toán

Indiv

4.8%

4.4 trieu

Bùi Đức Cường

Indiv

4.3%

4.4 trieu

Huỳnh Hữu Nhân

Indiv

4.0%

1.1 trieu

Vũ Thị Bích Ngọc

Indiv

3.8%

3.9 trieu

Công ty TNHH Chứng Khoán Kb

Inst

3.2%

2.9 trieu

Lê Thị Minh Hiền

Indiv

2.6%

343.990

Nguyễn Văn Phụng

Indiv

2.4%

719.010

Công ty TNHH Ha Đạt

Inst

2.2%

659.660

Nguyễn Tấn Dương

Indiv

0.2%

21.088

Trần Quốc Phong

Indiv

0.1%

19.457

Board & Management

Bùi Sĩ Tuấn17.6%

Chủ tịch Hội đồng Quản trị

Bùi Đức Cường4.3%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Huỳnh Văn Tấn

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Trọng Hà

Thành viên Hội đồng Quản trị

Nguyễn Văn Thắng

Thành viên Ban kiểm soát

Nguyễn Đăng Duẩn

Thành viên Ban kiểm soát

Nguyễn Hoàng Nghĩ

Thành viên Ban kiểm soát/Phụ trách Công bố thông tin

Huỳnh Công Nhân

Kế toán trưởng

Đặng Ngọc Sơn

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Top connections

LCC21.5%JOS18.5%CMM4 links SNC7.6%DTD5.8%CKV5.3%ASM2 links C694.4%SAL4.3%CSM3.8%HDW2.4%

Computed 12/04/2026