DP3

Consumer

Công ty Cổ Phần Dược Phẩm Trung Ương 3

Y tế/Dược phẩmCT

55.200

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

167.695

Current

55.200

Gap

+203.8%

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)

82.10%

Kd(1-t)

6.38%

D/(D+E)

17.90%

WACC

10.00%

Growth Estimate

fundamental firm blend2.53%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→212.74B

Projection years→10

Valuation

Base FCF

212.74B

Growth Rate

2.53%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

167.695

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DP3

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-1.48

Elevated

DSRI

1.894

GMI

1.039

AQI

0.909

SGI

1.019

DEPI

0.000

SGAI

0.946

TATA

0.048

LVGI

0.817

DP3 exhibits several concerning financial indicators, particularly in earnings quality and potential manipulation signals. While the Beneish M-Score of -1.4773 suggests a lower likelihood of manipulation, the DSRI of 1.8940 and an Earnings Quality Score of 53.9 indicate underlying issues that warrant further scrutiny.

Red Flags

DSRI of 1.8940 indicates significant growth in receivables compared to sales, which may signal aggressive revenue recognition practices.
Earnings Quality Score of 53.9/100, particularly with a low eq_receivables score of 30.9/100, suggests potential issues with revenue recognition and cash flow management.

Positive Signals

The Beneish M-Score of -1.4773 is above the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
High eq_accrual score of 80.7/100 suggests that a significant portion of earnings is derived from actual cash flows rather than accounting adjustments.

Ownership Risk

The ownership structure shows a significant concentration with the top shareholder, Tổng Công ty Dược Việt Nam, holding 22.1%. This could lead to potential conflicts of interest and limit minority shareholder influence.

Recommendation

Investors should closely monitor DP3's financial disclosures and cash flow statements for signs of revenue recognition issues. Consider a cautious approach to investment until further clarity on earnings quality is established.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

7.30

Safe Zone

Sharpe

0.19

Positive

Composite

Fair

Price Risk

Momentum

-6.7%

Volatility

21.4%

Max Drawdown

-16.7%

Key Ratios

Fiscal year 2025

8.79P/E

P/B2.22

P/S3.08

ROE27.3%

ROA22.5%

EPS7142.41

BVPS28276.47

Gross Margin65.7%

Net Margin35.1%

D/E0.24

Current Ratio3.96

Rev Growth5.2%

Profit Growth26.7%

EV/EBITDA7.64

Div Yield6.4%

Company Overview

Issued Shares

21.5M

Charter Capital

215.0B VND

Sector (ICB L2)

Y tế

Industry (ICB L3)

Dược phẩm

Sub-industry

Dược phẩm

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for DP3 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Dược Việt Nam

Inst

22.1%

4.7 trieu

Nguyễn Đình Khải

Indiv

14.7%

3.2 trieu

Lê Thanh Thủy

Indiv

9.7%

2.1 trieu

Bùi Xuân Hưởng

Indiv

6.4%

1.4 trieu

Đinh Văn Cường

Indiv

5.6%

1.2 trieu

nguyen-thanh-tuan

Indiv

4.9%

1.1 trieu

Lê Thị Vân

Indiv

4.7%

1.0 trieu

Quỹ Đầu tư Giá trị Bảo Việt

Inst

4.7%

400.000

Lê Văn Hùng

Indiv

4.5%

962.062

Hoàng Thị Mơ

Indiv

4.4%

951.622

Công ty Cổ phần MHC

Inst

4.3%

225.000

Nguyễn Thị Kim Thu

Indiv

3.4%

230.600

Nguyễn Hữu Dũng

Indiv

2.2%

152.717

Công ty TNHH Đại Bắc

Inst

1.4%

97.977

nguyen-thi-minh-huong

Indiv

0.5%

114.075

Hoàng Duy Anh

Indiv

0.3%

20.700

Nguyễn Hải An

Indiv

0.3%

20.000

Board & Management

Nguyễn Đình Khái14.7%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Bùi Xuân Hưởng6.4%

Phụ trách Công bố thông tin/Chủ tịch Hội đồng Quản trị

Đinh Văn Cường5.6%

Thành viên Hội đồng Quản trị

Nguyễn Thanh Tuấn4.9%

Thành viên Hội đồng Quản trị

Lê Văn Hùng4.5%

Thành viên Ban kiểm soát

Trần Thị Hà Thu

Kế toán trưởng

Nguyễn Hồng Nhung

Thành viên Hội đồng Quản trị

Trương Thị Nguyệt Hoa

Trưởng Ban kiểm soát

Trần Anh Tuấn

Thành viên Ban kiểm soát

Top connections

CDP66.3%DP165.4%TW365.0%UPH28.4%DAN26.5%IMP22.1%MKP22.1%VDP22.1%OPC22.1%MED22.1%VMD22.1%MTP22.1%

Computed 12/04/2026