DOC

Công ty Cổ phần Vật tư nông nghiệp Đồng Nai

VietnamCyclicalsHóa chấtUPCOMCT

6.800

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+23.3%Calibrated value vs last close

Last close (VND): 6.800
Calibrated intrinsic value (VND): 8.384

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

1
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
3
Apply to the close
That return is applied to the last close.

Keep in mind

For illustration only: not a validated forecast.
No uncertainty range: the estimate is a single figure.
Older record: it has not been re-measured on the current data.

Why it needs review

The date of the last close could not be confirmed.
Trading liquidity is below the comparison threshold.

Also note

Net cash exceeds the market value of the company; the step from enterprise value to equity needs a check.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 3 Nov 2026

Model reliability: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Close date unavailableRecalculated when the displayed close changes.

Valuation Breakdown

CT→Hóa chất→Cyclical

Classified as cyclical because ICB sector “Hóa chất” maps to the cyclical group.

ModelEV/EBITDA Mid-Cycle

Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.

Technical details

Why this model

Commodity/basic-material earnings swing with global prices. Using mid-cycle EBITDA normalizes across booms and busts, preventing overpayment at cyclical peaks. EV/EBITDA is preferred over P/E because it's capital-structure-neutral and not distorted by depreciation policies.

How it works

Computes the 7-year median EBITDA and the 7-year median EV/EBITDA. With fewer than 5 years of its own EBITDA, the company's EBITDA is estimated as revenue x the sector median margin. When mid-cycle EBITDA is not positive, the value is 70% of book value per share. Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.

Model Inputs

Mid-Cycle EBITDA→470.24M

Fair EV/EBITDA→12.7x

Years of data→7

Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→6.800

Calibrated value vs last close→+23.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

8.384

What feeds each step— click a source to highlight it in the statements

Mid-cycle EBITDA470.2 triệuebitda source: own medianyears of data: 7

DOC among Cyclicals

Every stock in the sector, DOC marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is DOC. Drag to turn; open another stock from its bead.

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	122	119	120	128	125	118	105	120	116	119	109	114	111
Cash and cash equivalents (Bn. VND)Net debt bridge	·	10	3	16	8	2	2	11	2	50	62	61	34	52
Short-term investments (Bn. VND)Net debt bridge	·	94	86	99	109	49	64	16	0	11	25	0	30	0
Accounts receivable (Bn. VND)	·	14	21	0.4	3	25	9	9	9	19	12	6	8	4
Prepayments to suppliers (Bn. VND)	·	0.5	0.05	0.04	0.03	0.1	0.5	0.1	1	2	2	0.3	0.2	0.05
Net Inventories	·	5	9	4	7	48	43	69	109	36	20	41	37	47
Inventories, Net (Bn. VND)	·	5	9	4	8	49	43	70	110	36	20	42	38	53
Other current assets	·	0.2	0.10	0.1	0.2	0.1	0.1	0.1	0.2	0.2	0.2	0.3	4	8
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.01
LONG-TERM ASSETS (Bn. VND)	·	1	0.9	1	2	1	2	3	3	4	3	4	6	7
Long-term trade receivables (Bn. VND)	·	0.1	0	0	0	0	0	0	0	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	0.1	0	0	0	0	0	0	0	0	0	0	0	0
Fixed assets (Bn. VND)	·	0.2	0.3	0.5	1.0	1	2	2	3	4	3	4	5	7
Tangible fixed assets	·	0.2	0.3	0.5	1.0	1	2	2	3	4	3	4	5	7
Other non-current assets	·	0.7	0.7	0.7	0.7	0.1	0.2	0.3	0	0.05	0.2	0.06	0.08	0.07
Long-term prepayments (Bn. VND)	·	0	0	0	663,655	0.1	0.2	0.3	0	0.05	0.2	0.06	0.08	0.07
TOTAL ASSETS (Bn. VND)	·	123	120	121	129	126	120	108	123	120	123	113	120	118
LIABILITIES (Bn. VND)	·	16	15	15	15	11	16	6	18	13	12	3	10	17
Current liabilities (Bn. VND)	·	15	15	15	15	11	16	6	18	13	12	3	10	17
Short-term borrowings (Bn. VND)Net debt bridge	·	0	0	0	0	0	9	0	11	0	0	0	0	7
Advances from customers (Bn. VND)	·	1	0.5	1	0.7	0.5	0.5	0.6	0.6	3	4	0.5	4	0.8
Long-term liabilities (Bn. VND)	·	0.1	0	0	0	0	0	0	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	108	105	106	114	115	104	102	105	107	110	110	109	101
Capital and reserves (Bn. VND)	·	108	105	106	114	115	104	102	105	107	110	110	109	101
Paid-in capital (Bn. VND)	·	100	100	100	100	100	100	100	100	100	100	100	100	100
Investment and development funds (Bn. VND)	·	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	4	4	3	3	2
Undistributed earnings (Bn. VND)	·	7	5	6	13	15	3	1	5	3	7	7	6	−2
TOTAL RESOURCES (Bn. VND)	·	123	120	121	129	126	120	108	123	120	123	113	120	118
Common shares (Bn. VND)	·	100	100	100	100	100	100	100	100	100	100	100	100	100

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.79 · 24th pctile vs VN companies

YoY ▼ −9.75

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

0.609

GMI

1.051

AQI

1.119

SGI

1.052

DEPI

1.675

SGAI

0.967

TATA

−0.031

LVGI

1.022

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −0.7715th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.5%23rd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

7.54

Safe Zone

Sharpe

−0.98

Negative

Composite

70 and above

Piotroski F-Score Breakdown

✓Net Income > 0

✓Operating CF > 0

✓ROA Rising

✓OCF > Net Income

✗Lower Leverage

✗Better Liquidity

✓No Dilution

✗Margin Up

✓Turnover Up

DuPont Decomposition

Tax Burden0.80×Interest Burden1.62×Op. Margin0.02×Turnover1.88×Leverage1.14=ROE5.9%

Price Risk

Momentum

−29.7%

Volatility

0.0%

Max Drawdown

−38.2%

Key Ratios

Fiscal year 2025

10.64P/E

P/B: 0.63
P/S: 0.29
ROE: 6.0%
ROA: 5.3%
EPS: 639
BVPS: 10.765
Gross Margin: 4.5%
Net Margin: 2.8%
D/E: 0.00
Current Ratio: 7.89
EV/EBITDA: —
Div Yield: 4.4%

Company Overview

Shares outstanding: 10.0M
Charter Capital: 100B VND
Sector (ICB L2): Hóa chất
Industry (ICB L3): Hóa chất
Sub-industry: Sản phẩm hóa dầu, Nông dược & Hóa chất khác
Company Type: CT

Ownership network

Common ownership links for DOC. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Công Nghiệp Thực Phẩm Đồng Nai

Inst

72.1%

7.2M

2026-06-30

Phạm Đức Bình

Indiv

16.9%

1.7M

2024-11-07

Phan Thị Anh Thy

Indiv

0.1%

10,700

2026-06-30

Board & Management

Phan Thị Anh Thy0.1%

Chairman of Management Board

Trương Nguyễn Ngọc Hòa

Member of Supervisors Board

Phạm Châu Hoàng Sơn

Member of Supervisors Board

Nguyễn Thị Kim Quy

Member of Management Board

Đoàn Tuấn Anh

Head of Supervisors Board

Cao Hùng Lai

Deputy Director/Vice Chairman of Management Board

Ngô Huỳnh Minh

Chief Accountant

Top connections

NSS84.3%PSL73.6%IRC72.1%VLB72.1%TMW72.1%PEG72.1%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DOC among Cyclicals

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

DOC among Cyclicals