FMC

Consumer

Công ty Cổ phần Thực phẩm Sao Ta

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

38.500

VND · Last close

Valuation Verdict

Undervalued

High

-120%Fair Value+120%

Intrinsic Value

116.054

Current

38.500

Gap

+201.4%

ModelFCF DCF

Valuation Breakdown

CT→Thực phẩm và đồ uống→Consumer

Classified as consumer because ICB sector "Thực phẩm và đồ uống" 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)

65.32%

Kd(1-t)

7.94%

D/(D+E)

34.68%

WACC

10.00%

Growth Estimate

fundamental firm blend3.54%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→461.13B

Projection years→10

Valuation

Base FCF

461.13B

Growth Rate

3.54%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

116.054

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — FMC

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

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.38

Moderate

DSRI

1.275

GMI

1.108

AQI

0.774

SGI

1.184

DEPI

0.937

SGAI

1.045

TATA

-0.034

LVGI

1.317

FMC exhibits a Beneish M-Score of -2.3762, indicating a low likelihood of earnings manipulation. However, the earnings quality metrics reveal concerning aspects, particularly a zero score in revenue quality, which raises red flags about the sustainability of reported earnings.

Red Flags

Revenue quality score of 0.0/100 suggests potential issues with revenue recognition or reporting practices.
DSRI of 1.2749 indicates a significant increase in receivables relative to sales, which could imply aggressive revenue recognition.
SGI of 1.1841 shows sales growth higher than industry norms, raising concerns about the sustainability of growth.

Positive Signals

Earnings Quality Score of 73.9/100 indicates generally strong earnings quality, particularly in cash conversion (100.0/100).
Institutional ownership is significant, with the top two shareholders holding a combined 62.7%, suggesting stability and potential oversight.

Ownership Risk

The concentrated ownership structure, with the top three shareholders holding 83.7%, may lead to governance risks and potential conflicts of interest, particularly if decisions favor major shareholders over minority interests.

Recommendation

Investors should closely monitor FMC's revenue recognition practices and consider a deeper analysis of cash flows. Engaging with management regarding their revenue strategies could provide insights into long-term sustainability.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

3.28

Safe Zone

Sharpe

-0.37

Negative

Composite

Fair

Price Risk

Momentum

-16.9%

Volatility

18.2%

Max Drawdown

-32.7%

Key Ratios

Fiscal year 2025

6.91P/E

P/B1.08

P/S0.31

ROE16.2%

ROA8.5%

EPS5592.49

BVPS35932.98

Gross Margin9.8%

Net Margin4.5%

D/E0.84

Current Ratio1.72

Rev Growth18.4%

Profit Growth19.6%

EV/EBITDA5.75

Div Yield0.0%

Company Overview

Issued Shares

65.4M

Charter Capital

653.9B VND

Sector (ICB L2)

Thực phẩm và đồ uống

Industry (ICB L3)

Sản xuất thực phẩm

Sub-industry

Nuôi trồng nông & hải sản

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ phần Tập đoàn PAN

Inst

37.8%

24.7 trieu

Công ty Cổ phần Chăn Nuôi C.p. Việt Nam

Inst

24.9%

16.3 trieu

Ngô Văn Nghiệp

Indiv

21.0%

Mã Ích Hưng

Indiv

17.0%

Công ty Cổ phần Xuất nhập khẩu Thủy sản Bến Tre

Inst

12.4%

8.1 trieu

andbanc investments sif-vietnam value and income portfolio

Inst

3.6%

1.1 trieu

Công ty TNHH MTV Tư vấn đầu tư An Khánh

Inst

2.8%

563.480

Văn phòng Thành ủy Sóc Trăng

Indiv

2.5%

1.7 trieu

Văn Anh Kiệt

Indiv

2.2%

437.525

Trần Văn Tuấn

Indiv

1.6%

326.170

KITMC Worldwide Vietnam RSP Balanced Fund

Inst

1.5%

295.120

Quách Hoàng Phong

Indiv

1.0%

209.030

Hồ Quốc Lực

Indiv

1.0%

300.000

Đoàn Thị Hồng Thúy

Indiv

0.7%

144.000

Ban Chấp Hành Công Đoàn Cơ Sở Ctcp Thực Phẩm Sao Ta

Inst

0.7%

450.000

Phạm Hoàng Việt

Indiv

0.5%

308.068

Đinh Văn Thới

Indiv

0.2%

144.572

Công ty TNHH Ndh Việt Nam

Inst

0.1%

28.250

Hà Việt Thắng

Indiv

0.1%

48.750

Hà Việt Thắng

Indiv

0.1%

48.750

Nguyễn Thị Trà My

Indiv

0.1%

67.000

Board & Management

Hồ Quốc Lực1.1%

Chủ tịch Hội đồng Quản trị

Phạm Hoàng Việt0.5%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Đinh Văn Thới0.2%

Phó Tổng Giám đốc

Mã Ích Hưng0.1%

Phó Tổng Giám đốc

Nguyễn Thị Trà My0.1%

Phó Chủ tịch Hội đồng Quản trị

Tô Minh Chẳng

Kế toán trưởng/Người phụ trách quản trị công ty/Thành viên Hội đồng Quản trị

Lê Ngọc Hương

Phó Tổng Giám đốc

Nguyễn Văn Khải

Thành viên Hội đồng Quản trị

Võ Văn Sỉ

Thành viên Ban kiểm soát

Dương Ngọc Kim

Phó Tổng Giám đốc

Lý Thái Hưng

Thành viên Hội đồng Quản trị

Lưu Nguyễn Trúc Dung

Trưởng Ban kiểm soát

Hoàng Thanh Vũ

Phó Tổng Giám đốc

Top connections

LAF2 links ABT76.5%GIL3 links VFG2 links DCT12.4%AAM12.4%DHC2 links DTL12.4%DAC11.8%PAN2 links TDH6.2%BCC5.0%

Computed 12/04/2026