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Consumer sector

IMP

Consumer
Công ty Cổ phần Dược phẩm Imexpharm
Y tế/Dược phẩmCT
54.800
VND · Last close
Valuation Verdict
Overvalued
Low
-120%Fair Value+120%
Intrinsic Value
3.824
Current
54.800
Gap
-93.0%
ModelFCF DCF

Valuation Breakdown

CTY tếConsumer
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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.50%
+
Betasector default
0.800
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
10.10%
Ke
10.10%
x
E/(D+E)
87.13%
+
Kd(1-t)
6.32%
x
D/(D+E)
12.87%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend10.94%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF27.29B
Projection years10
4
Valuation
Base FCF
27.29B
Growth Rate
10.94%
WACC
10.00%
Terminal Growth
4.00%
DCF Value
3.824
Value Decomposition
41%
59%
Explicit period (41%)Terminal value (59%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — IMP

Earnings Quality

Fiscal year 2025

66
Fair
Accrual Quality
58
Cash Conversion
12
Receivables
100
Margin Stability
100
Revenue Quality
92

Financial Forensics

Beneish M-Score · 2025

-1.74
Elevated
DSRI
0.952
GMI
0.946
AQI
1.882
SGI
1.107
DEPI
0.926
SGAI
1.106
TATA
0.106
LVGI
1.332

The Beneish M-Score of -1.741 indicates that IMP is not likely to be involved in earnings manipulation, as it is above the threshold of -1.78. Additionally, the earnings quality score of 66.4 suggests a reasonable level of financial integrity, particularly strong in receivables and margin metrics.

Positive Signals
  • Beneish M-Score of -1.741 indicates low likelihood of earnings manipulation.
  • Earnings quality score of 66.4, with strong metrics in receivables (100.0) and margin (100.0).
Ownership Risk

The ownership structure is heavily concentrated, with the top shareholder holding 47.7%. This could pose risks related to governance and decision-making, as minority shareholders may have limited influence.

Recommendation

Investors should monitor the company's performance closely, particularly in cash conversion metrics, while considering the strong institutional backing as a positive factor.

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

Quantitative Scores

F-Score
3/9
Weak
Z-Score
12.31
Safe Zone
Sharpe
0.23
Positive
Composite
46
Weak
Price Risk
Momentum
+12.1%
Volatility
19.9%
Max Drawdown
-25.5%

Key Ratios

Fiscal year 2025
23.56P/E
P/B3.57
P/S3.37
ROE15.6%
ROA13.2%
EPS2266.50
BVPS14973.26
Gross Margin41.0%
Net Margin14.3%
D/E0.21
Current Ratio4.05
Rev Growth16.0%
Profit Growth8.8%
EV/EBITDA14.55
Div Yield0.0%

Company Overview

Issued Shares
154.0M
Charter Capital
1540.4B VND
Sector (ICB L2)
Y tế
Industry (ICB L3)
Dược phẩm
Sub-industry
Dược phẩm
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Sk Investment Vina Iii Pte.ltd
Inst
47.7%
73.5 trieu
Tổng Công ty Dược Việt Nam
Inst
22.0%
33.9 trieu
Công ty Cổ Phần Đầu Tư Bình Minh Kim
Inst
9.8%
15.0 trieu
Công ty Cổ Phần Đầu Tư Kba
Inst
7.4%
11.4 trieu
Ftif - Templeton Frontier Markets Fund
Inst
2.4%
1.6 trieu
Công ty Cổ phần Giải pháp Phân phối và Bán lẻ PHANO
Inst
2.2%
1.4 trieu
Quỹ Đầu tư Chứng khoán Y tế Bản Việt
Inst
1.2%
807.394
tgit-templeton emerging markets small cap fund
Inst
0.9%
610.706
Norges Bank
Inst
0.7%
355.000
J.P. Morgan Whitefriars Inc.
Inst
0.7%
433.500
Quỹ Đầu tư Lợi Thế Cạnh Tranh Bền Vững SSI
Inst
0.5%
262.093
Nguyễn Quốc Định
Indiv
0.4%
315.000
Trần Thị Đào
Indiv
0.4%
671.400
tgit-templeton frontier markets fund
Inst
0.4%
212.928
Quỹ Đầu tư Cổ phiếu Tiếp Cận Thị Trường VinaCapital
Inst
0.3%
178.815
Ngô Minh Tuấn
Indiv
0.2%
306.000
Quỹ Đầu tư Cổ phiếu Hưng Thịnh Vinacapital
Inst
0.2%
115.163
Samsung Vietnam Securities Master Investment Trust
Inst
0.2%
88.803
Nguyễn Quý Sơn
Indiv
0.2%
83.362
Trần Thái Hoàng
Indiv
0.2%
48.400
Lê Văn Nhã Phương
Indiv
0.2%
251.790
Công ty Cổ phần Quản lý quỹ VinaCapital
Inst
0.1%
75.200
Nguyễn Kiêm Phương
Indiv
0.1%
35.000
Huỳnh Văn Nhung
Indiv
0.1%
180.000
Phan Hoàng Minh Trí
Indiv
0.1%
29.060
Hoàng Thị Huệ
Indiv
0.1%
51.420
Trương Viết Vũ
Indiv
0.1%
50.600
Board & Management
Nguyễn Quốc Định0.4%
Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc
Trần Thị Đào0.4%
Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị
Ngô Minh Tuấn0.2%
Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị
Lê Văn Nhã Phương0.2%
Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc
Huỳnh Văn Nhung0.1%
Phó Tổng Giám đốc
Nguyễn Đức Tuấn
Trưởng Ban kiểm soát
Trần Anh Tuấn
Thành viên Hội đồng Quản trị
Lê Thị Kim Chung
Thành viên Ban kiểm soát
Trần Hoài Hạnh
Kế toán trưởng
Hàn Thị Khánh Vinh
Thành viên Hội đồng Quản trị
Đỗ Thị Thanh Thúy
Thành viên Ban kiểm soát
Trương Minh Hùng
Thành viên Hội đồng Quản trị
Computed 12/04/2026
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All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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