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Consumer sector

DHD

Consumer
Công ty Cổ phần Dược Vật Tư Y Tế Hải Dương
Y tế/Dược phẩmCT
38.600
VND · Last close
Valuation Verdict
Overvalued
Low
-120%Fair Value+120%
Intrinsic Value
13.293
Current
38.600
Gap
-65.6%
ModelFCF DCF

Valuation Breakdown

CTY tếConsumer
Classified as consumer because ICB sector "Y tế" 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)
70.28%
+
Kd(1-t)
6.39%
x
D/(D+E)
29.72%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend6.15%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF40.61B
Projection years10
4
Valuation
Base FCF
40.61B
Growth Rate
6.15%
WACC
10.00%
Terminal Growth
4.00%
DCF Value
13.293
Value Decomposition
43%
57%
Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DHD

Earnings Quality

Fiscal year 2025

75
Good
Accrual Quality
100
Cash Conversion
80
Receivables
100
Margin Stability
62
Revenue Quality
5

Financial Forensics

Beneish M-Score · 2025

-1.90
Moderate
DSRI
0.651
GMI
0.882
AQI
3.650
SGI
1.028
DEPI
1.601
SGAI
1.074
TATA
0.000
LVGI
1.587

DHD exhibits a Beneish M-Score of -1.9027, indicating a potential risk of earnings manipulation as it exceeds the threshold of -1.78. While the earnings quality score is relatively strong at 75.0/100, the low revenue quality score of 4.6/100 raises concerns about the sustainability of reported revenues.

Red Flags
  • Beneish M-Score of -1.9027 indicates potential earnings manipulation risk as it is below the threshold of -1.78.
  • Revenue quality score of 4.6/100 is significantly low, suggesting potential issues with revenue recognition.
Positive Signals
  • Earnings quality score of 75.0/100 indicates generally good earnings quality, particularly strong accruals at 100.0/100.
Ownership Risk

The ownership structure is heavily concentrated, with Nguyễn Trung Việt holding 40.8%, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should conduct further due diligence on revenue recognition practices and monitor any changes in the ownership structure. Consider a cautious approach until clearer signals of financial stability are observed.

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

Quantitative Scores

F-Score
3/9
Weak
Z-Score
2.88
Grey Zone
Sharpe
0.83
Positive
Composite
62
Fair
Price Risk
Momentum
+57.3%
Volatility
33.6%
Max Drawdown
-15.7%

Key Ratios

Fiscal year 2025
24.94P/E
P/B2.76
P/S2.03
ROE11.6%
ROA7.0%
EPS1547.49
BVPS13982.51
Gross Margin35.8%
Net Margin8.1%
D/E0.89
Current Ratio1.57
Rev Growth3.2%
Profit Growth37.2%
EV/EBITDA16.37
Div Yield0.0%

Company Overview

Issued Shares
36.0M
Charter Capital
360.0B VND
Sector (ICB L2)
Y tế
Industry (ICB L3)
Dược phẩm
Sub-industry
Dược phẩm
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Nguyễn Trung Việt
Indiv
40.8%
14.7 trieu
Trần Mai Lan
Indiv
15.0%
5.4 trieu
Trần Phúc Dương
Indiv
4.1%
1.5 trieu
Nguyễn Thị Tú Anh
Indiv
3.7%
1.3 trieu
Vũ Văn Xuyến
Indiv
2.2%
783.918
Nguyễn Trung Nam
Indiv
1.5%
541.754
Trần Văn Oanh
Indiv
1.0%
353.890
Phạm Thị Thủy
Indiv
0.9%
324.260
Nguyễn Xuân Trang
Indiv
0.5%
33.200
Trần Kim Cương
Indiv
0.5%
185.664
Đỗ Ngọc Sơn
Indiv
0.5%
58.544
Chu Văn Long
Indiv
0.4%
129.629
Phạm Thị Nhàn
Indiv
0.3%
97.459
Vũ Hiền Minh Anh
Indiv
0.3%
89.160
Hồ Thị Ngọc Thanh
Indiv
0.2%
86.751
Trần Văn Minh
Indiv
0.1%
48.726
Board & Management
Nguyễn Trung Việt40.8%
Chủ tịch Hội đồng Quản trị
Trần Phúc Dương4.1%
Thành viên Hội đồng Quản trị
Nguyễn Thị Tú Anh3.7%
Thành viên Hội đồng Quản trị/Tổng Giám đốc
Vũ Văn Xuyến2.2%
Phó Tổng Giám đốc
Phạm Thị Thủy0.9%
Trưởng Ban kiểm soát
Trần Kim Cương0.5%
Thành viên Ban kiểm soát
Đỗ Ngọc Sơn0.5%
Phó Tổng Giám đốc
Chu Văn Long0.4%
Kế toán trưởng
Nguyễn Thị Hương Lan
Thành viên Ban kiểm soát
Computed 12/04/2026
Methodology & Disclosure

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