DHT

Consumer

Công ty Cổ phần Dược phẩm Hà Tây

Y tế/Dược phẩmCT

68.900

VND · Last close

Valuation Verdict

Overvalued

Medium

-120%Fair Value+120%

Intrinsic Value

31.004

Current

68.900

Gap

-55.0%

ModelFCF DCF

Valuation Breakdown

CT→Y tế→Consumer

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.

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)

57.52%

Kd(1-t)

6.40%

D/(D+E)

42.48%

WACC

10.00%

Growth Estimate

fundamental firm blend3.65%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→176.96B

Projection years→10

Valuation

Base FCF

176.96B

Growth Rate

3.65%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

31.004

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DHT

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.92

Low Risk

DSRI

0.673

GMI

1.210

AQI

1.054

SGI

1.151

DEPI

0.812

SGAI

1.021

TATA

-0.086

LVGI

0.941

DHT exhibits a Beneish M-Score of -2.9232, indicating a lower likelihood of earnings manipulation. However, the earnings quality metrics show some weaknesses, particularly in margin and revenue quality, which could raise concerns about sustainability.

Red Flags

Earnings Quality Score of 76.5/100 indicates potential issues with margin (48.6/100) and revenue quality (52.6/100), suggesting that while cash conversion is strong, profitability may be under pressure.

Positive Signals

The DSRI of 0.6728 suggests that the company is managing its receivables effectively, which is a positive indicator of operational efficiency.

Ownership Risk

The top shareholder, Aska Pharmaceutical., Ltd, holds a significant 40.1% stake, indicating potential influence over corporate decisions. However, the presence of multiple individual shareholders may provide some level of governance balance.

Recommendation

Investors should monitor DHT closely for any signs of declining margins or revenue quality, while considering a cautious approach given the strong institutional ownership and effective receivables management.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

6.16

Safe Zone

Sharpe

-0.69

Negative

Composite

Weak

Price Risk

Momentum

-8.6%

Volatility

31.0%

Max Drawdown

-16.9%

Key Ratios

Fiscal year 2025

116.31P/E

P/B5.76

P/S2.60

ROE5.1%

ROA2.8%

EPS592.40

BVPS11953.24

Gross Margin8.7%

Net Margin2.2%

D/E0.74

Current Ratio1.22

Rev Growth15.1%

Profit Growth-25.2%

EV/EBITDA100.06

Div Yield0.0%

Company Overview

Issued Shares

90.6M

Charter Capital

905.8B VND

Sector (ICB L2)

Y tế

Industry (ICB L3)

Dược phẩm

Sub-industry

Dược phẩm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Aska Pharmaceutical., Ltd

Inst

40.1%

33.0 trieu

Dương Hữu Hiếu

Indiv

12.8%

3.0 trieu

Trần Thu Thảo

Indiv

12.4%

511.500

Lê Văn Dũng

Indiv

11.9%

750.000

Lê Việt Linh

Indiv

6.3%

5.7 trieu

Lê Văn Mạnh

Indiv

6.1%

385.100

Lê Văn Lớ

Indiv

5.6%

5.1 trieu

Nguyễn Thị Thanh Huế

Indiv

4.4%

278.100

Nguyễn Như Hoa

Indiv

4.2%

891.000

Hoàng Văn Tuế

Indiv

4.0%

3.6 trieu

Lê Xuân Thắng

Indiv

3.9%

3.5 trieu

Quỹ Đầu Tư Phát Triển Hà Nội

Indiv

3.8%

3.1 trieu

Lê Anh Trung

Indiv

3.7%

3.4 trieu

Công ty Cổ phần Tập đoàn Đầu tư I.P.A

Inst

3.5%

220.000

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước

State

3.4%

211.486

Công ty Cổ Phần Dược Và Thiết Bị Y Tế Hà Tây

Inst

2.6%

2.4 trieu

Ngô Văn Chinh

Indiv

2.5%

2.2 trieu

Lê Phương Thảo

Indiv

2.4%

2.2 trieu

Nguyễn Văn Minh

Indiv

1.8%

113.320

Lê Văn Thành

Indiv

1.0%

900.955

Lê Thị Hồng Việt

Indiv

0.9%

794.794

Nguyễn Bá Lai

Indiv

0.7%

632.493

Ngô Tuấn Việt

Indiv

0.6%

550.000

Phạm Ngọc Kiểm

Indiv

0.3%

17.600

Hoàng Thị Quỳnh Anh

Indiv

0.2%

221.760

nguyen-thi-hanh

Indiv

0.2%

204.455

Nguyễn Thị Minh Hậu

Indiv

0.2%

172.510

Bùi Thảo Nguyên

Indiv

0.2%

9.828

Uông Văn Trường

Indiv

0.1%

8.800

Đặng Đình Dự

Indiv

0.1%

86.138

Board & Management

Lê Việt Linh6.3%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lê Văn Lớ5.6%

Chủ tịch Hội đồng Quản trị

Hoàng Văn Tuế4.0%

Kế toán trưởng/Thành viên Hội đồng Quản trị

Lê Xuân Thắng3.9%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Lê Anh Trung3.7%

Phó Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc

Ngô Văn Chinh2.5%

Trưởng Ban kiểm soát

Nguyễn Bá Lai0.7%

Phó Tổng Giám đốc

Đặng Đình Dự0.1%

Thành viên Ban kiểm soát

Nguyễn Hà Đệ

Thành viên Ban kiểm soát

Hiroyasu Nishioka

Thành viên Hội đồng Quản trị

Keisuke Oshio

Thành viên Hội đồng Quản trị

Top connections

SJG99.8%MIE99.6%TVN93.9%VGV87.3%VNP65.8%DVN2 links SEA63.4%QTC53.8%VGT53.5%CAG53.0%BMI50.7%VXB49.8%

Computed 12/04/2026