DTG

Consumer

Công ty Cổ phần Dược phẩm Tipharco

Y tế/Dược phẩmCT

15.800

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

186.933

Current

15.800

Gap

+500.0%

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)

55.24%

Kd(1-t)

6.54%

D/(D+E)

44.76%

WACC

10.00%

Growth Estimate

fundamental firm blend5.97%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→99.16B

Projection years→10

Valuation

Base FCF

99.16B

Growth Rate

5.97%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

186.933

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DTG

Earnings Quality

Fiscal year 2025

Weak

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 · 2025

-4.27

Low Risk

DSRI

0.636

GMI

1.020

AQI

1.111

SGI

0.871

DEPI

0.922

SGAI

1.250

TATA

-0.311

LVGI

0.645

DTG's Beneish M-Score of -4.2656 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 34.3/100, particularly low scores in receivables and revenue metrics, raise concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 34.3/100 indicates significant issues with earnings sustainability, especially with eq_receivables and eq_revenue both at 0.0/100.
SGAI at 1.2500 suggests aggressive selling, which may indicate reliance on unsustainable revenue streams.

Positive Signals

Beneish M-Score of -4.2656 suggests low likelihood of earnings manipulation.
High cash conversion score of 100.0/100 indicates strong cash flow relative to earnings.

Ownership Risk

The concentrated ownership structure, with top shareholders holding over 85% of shares, poses risks of governance issues and potential conflicts of interest, particularly with individual shareholders holding significant stakes.

Recommendation

Investors should closely monitor DTG's earnings quality and cash flow sustainability, considering a cautious approach given the elevated risk profile. Engaging with management for clarity on revenue recognition practices may provide further insights.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.11

Safe Zone

Sharpe

-0.92

Negative

Composite

Weak

Price Risk

Momentum

-20.7%

Volatility

44.7%

Max Drawdown

-29.8%

Key Ratios

Fiscal year 2025

11.84P/E

P/B0.76

P/S0.48

ROE6.7%

ROA4.2%

EPS1334.29

BVPS20704.60

Gross Margin21.0%

Net Margin4.0%

D/E0.41

Current Ratio2.29

Rev Growth-11.6%

Profit Growth-44.6%

EV/EBITDA4.94

Div Yield0.0%

Company Overview

Issued Shares

9.6M

Charter Capital

96.1B VND

Sector (ICB L2)

Y tế

Industry (ICB L3)

Dược phẩm

Sub-industry

Dược phẩm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Nguyễn Hồ Nam

Indiv

24.9%

2.4 trieu

Đặng Thị Thu Hằng

Indiv

24.4%

1.5 trieu

Công ty Cổ phần Tập đoàn Bamboo Capital

Inst

21.0%

2.0 trieu

Hồ Thị Thùy Dung

Indiv

21.0%

1.3 trieu

nguyen-phuong-hoa

Indiv

11.3%

1.1 trieu

Công ty CP Magnolia Investment

Inst

5.2%

495.765

Công ty TNHH Dược phẩm Thiên Khánh

Inst

4.0%

253.930

Trần Thị Tâm

Indiv

2.6%

162.704

Lưu Hoài Nam

Indiv

1.7%

120.583

Phạm Quang Bình

Indiv

1.5%

91.990

Nguyễn Thị Trúc Nữ

Indiv

1.2%

97.203

Đặng Thị Xuân Quyên

Indiv

0.7%

43.704

Trần Hoàng Quân

Indiv

0.2%

11.700

Lý Thị Xuân Mai

Indiv

0.2%

16.531

Lê Văn Châu

Indiv

0.1%

6.449

Board & Management

Phạm Quang Bình1.5%

Chủ tịch Hội đồng Quản trị

Đặng Thị Xuân Quyên0.7%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Trần Hoàng Quân0.2%

Thành viên Ban kiểm soát

Lê Thị Phương Loan

Thành viên Ban kiểm soát

Lê Thị Mỹ Tiên

Kế toán trưởng/Người phụ trách quản trị công ty

Dương Thị Thúy Liễu

Trưởng Ban kiểm soát

Phạm Phước Đức

Thành viên Hội đồng Quản trị

Huỳnh Thị Nguyên Thủy

Thành viên Hội đồng Quản trị

Nguyễn Văn Tám

Thành viên Hội đồng Quản trị

Phạm Trung Nghĩa

Thành viên Hội đồng Quản trị

Top connections

BCR62.1%BGE47.7%TCD2 links VHD24.9%BCG24.9%KTS24.4%GDA12.9%VPB11.3%TCB11.3%CDR5.8%ACL4.6%TOP2.6%

Computed 12/04/2026