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Công ty Cổ phần Đầu tư và Phát triển Y tế Việt Nhật

VietnamConsumerY tếThiết bị và Dịch vụ Y tếHOSECT
2.800
VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+16.8%Calibrated value vs last close
Last close (VND)
2.800
Calibrated intrinsic value (VND)
3.270

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. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 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 model uses profit in place of cash flow, which was not available.
  • The latest cash flow is zero or negative.

Also note

  • Trading liquidity is low.

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.

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.

Valuation Breakdown

CT→Y tế→Consumer
Classified as consumer because ICB sector “Y tế” maps to the consumer group.
ModelFCF-Based DCF
Intrinsic = 70% x DCF Value + 30% x (Fair P/E x EPS)

A Discounted Cash Flow model built on Free Cash Flow (FCF), the cash a business generates after operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted to today's value using WACC. The DCF value is blended 70/30 with a value from the company's own historical P/E.

Technical details
Why this model

Consumer staples/retail generate steady, predictable free cash flows, making them ideal for DCF. The time value of money principle means a dollar today is worth more than a dollar tomorrow. DCF captures this by discounting future cash flows at a rate reflecting the investment's risk (WACC).

How it works

Takes 3-year median FCF as the base. Estimates growth via ROIC x reinvestment rate (Damodaran framework), falling back to historical revenue growth. Projects 10 years with decay toward the sector's long-run growth rate. Discounts at CAPM-derived WACC. Blends 70% of the DCF value with 30% of a P/E value: the company's 5-year median P/E, held between 5x and 25x, times EPS.

Best for

Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.36%
+
Betasector default
0.797
x
ERP
4.38%
+
CRP
2.75%
=
Cost of Equity (Ke)
10.60%
Ke
10.60%
x
E/(D+E)
79.31%
+
Kd(1-t)
3.94%
x
D/(D+E)
20.69%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend8.00%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF→56.94B
Projection years→10
4
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)→2.800
Calibrated value vs last close→+16.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
3.270
What feeds each step— click a source to highlight it in the statements
Discount rate (WACC)10.00%
Growth rate8.00%growth method: fundamental firm blend
Base cash flow56.9 tỷone off strip ratio: 0

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth5.0%6.5%8.0%9.5%11.0%
8.0%3.5503.5503.5503.5503.818
9.0%3.4383.4383.4383.4943.550
10.0%3.2703.3913.4383.4383.438
11.0%3.2703.2703.2703.2703.438
12.0%3.2113.2703.2703.2703.270
Above market priceBelow market priceCurrent estimate
Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation
Line item202620252024202320222021202020192018201720162015201420132012
CURRENT ASSETS (Bn. VND)
·7385625283863653313923782522789961,7941,158·
Cash and cash equivalents (Bn. VND)Net debt bridge
·292015363529113339264850357·
Short-term investments (Bn. VND)Net debt bridge
·140.211516914272110000150·
Accounts receivable (Bn. VND)
·571387204144135127175182163169668945621·
Prepayments to suppliers (Bn. VND)
·134309339324322314333307302306310260215·
Net Inventories
·12115353648278112614880265308456·
Inventories, Net (Bn. VND)
·142172758611313815510389132265308456·
Other current assets
·22433230.933152424·
Other current assets (Bn. VND)
·0000000000142316·
LONG-TERM ASSETS (Bn. VND)
·334266158205283324324382444487677490472·
Long-term trade receivables (Bn. VND)
·1221.046235711677·
Other long-term receivables (Bn. VND)
·111211211246235711000·
Fixed assets (Bn. VND)
·121101104131170233306352412458523463448·
Tangible fixed assets
·120100103129168230305322356395385335375·
Leased assets
·000000029566392320·
Intagible fixed assets
·1122220.40.70.30.06344·
Long-term investments (Bn. VND)
·193140056568053001121313·
Investments in associate companies
·0.80.80.80.80.80.80.80.80.80.80.800·
Other long-term assets (Bn. VND)
·1931400011113511111311101121313·
Less: Provision for diminuation in value of long term investments
·−0.8−0.8−0.8−0.8−112−112−112−112−112−112000·
Other non-current assets
·17181412118111822153574·
Long-term prepayments (Bn. VND)
·15171312118101822153133·
TOTAL ASSETS (Bn. VND)
·1,0728286875916486557167606967641,6732,2851,630·
LIABILITIES (Bn. VND)
·445288187144197177176231165253401855679·
Current liabilities (Bn. VND)
·413288185139180152151205125164254677612·
Short-term borrowings (Bn. VND)Discount rate (WACC) +1
·2711419342683708131422470395·
Advances from customers (Bn. VND)
·14124472515879211727·
Long-term liabilities (Bn. VND)
·320.12517252526408914817767·
Long-term borrowings (Bn. VND)Discount rate (WACC) +1
·32000.934001127589233·
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)
·6275404994474524785405295305111,2721,430951·
Capital and reserves (Bn. VND)
·6275404994474524785405295305111,2721,430951·
Paid-in capital (Bn. VND)
·1,1251,1251,1251,1251,1251,1251,1251,1251,1251,1251,125844568·
Investment and development funds (Bn. VND)
·19191919191919191919191917·
Undistributed earnings (Bn. VND)
·−957−1,007−1,047−1,100−1,095−1,069−1,006−1,018−1,016−1,035−275304213·
TOTAL RESOURCES (Bn. VND)
·1,0728286875916486557167606967641,6732,2851,630·
Short-term loans receivables (Bn. VND)
·55001.01.01.01.01.01.0000·
Common shares (Bn. VND)
·1,1251,1251,1251,1251,1251,1251,1251,1251,1251,1251,125844568·
MINORITY INTERESTSNet debt bridge
·370.30.20.2000000000·

Earnings Quality

Fiscal year 2025
31
Weak
Accrual Quality
52
Cash Conversion
0
Receivables
24
Margin Stability
35
Revenue Quality
52

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −1.31 · 83rd pctile vs VN companies
YoY ▲ +0.08
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
1.181
GMI
1.237
AQI
1.000
SGI
1.248
DEPI
1.525
SGAI
0.694
TATA
0.129
LVGI
1.193

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−0.0621st pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
13.0%85th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
0.85×
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's Beneish M-Score is -1.3126 (83rd percentile vs Vietnamese peers) with a year-over-year increase of +0.08, indicating more aggressive accounting metrics than most Vietnamese peers and a small deterioration from last year. Complementary signals show weak fundamentals and earnings quality: Altman Z-Score 0.90 (distress zone), Piotroski F-Score 2/9, and an overall Earnings Quality Score of 30.8/100 driven by very poor cash conversion (0.0/100) and low receivables quality (23.7/100).

Red Flags
  • Beneish M-Score -1.3126 (83rd percentile among Vietnamese peers; above many peers and moving +0.08 year-over-year). The M-Score aggregates eight ratios — here DSRI 1.1815, GMI 1.2366, SGI 1.2479, DEPI 1.5246, SGAI 0.6935, LVGI 1.1932, AQI 0.9999 and TATA 0.1292 — where higher DSRI, GMI, SGI, DEPI and LVGI raise the M-Score and TATA (total accruals) is positive (0.1292).
  • Altman Z-Score 0.90 (in the distress zone). This measures distance to bankruptcy using leverage, profitability, liquidity and activity — 0.90 indicates a short statistical distance to financial distress.
  • Piotroski F-Score 2/9 (weak operational and profitability signals). This score aggregates nine binary tests of profitability, leverage/liquidity, and operating efficiency; a 2 indicates most tests fail.
  • Earnings Quality Score 30.8/100 with Cash conversion 0.0/100 and Receivables quality 23.7/100. Specifically, three-year cash conversion (operating cash flow / net profit) = -0.06 (21st percentile among VN non-financials), showing profits have not converted into cash.
  • High proportion of receivables outside the trade cycle: 13.0% of total assets (85th percentile). This includes prepayments to suppliers, loans receivable and other long-term receivables and can signal non-trade receivables concentration.
  • Accumulated losses equal 0.85x paid-in capital. While owner's equity excluding minority interest is positive, the accumulated losses measure indicates substantial historical retained losses relative to paid-in capital.
Positive Signals
  • AQI (Asset Quality Index) 0.9999, effectively 1.0, indicating little deterioration in unspecified asset quality by the AQI component's measure (AQI close to 1 implies asset composition not aggressively shifted toward less tangible or long-lived assets).
  • SGAI (Sales, General & Administrative index) 0.6935 (<1), which suggests SGA expenses scaled to sales have not accelerated relative to prior year under the SGAI metric.
  • Revenue quality 51.5/100 and margin quality 35.1/100 are middling rather than at extreme poor levels, and revenue-quality is above the weakest bands, indicating some portion of top-line and margin behavior is not entirely anomalous.
  • Statutory loss tests: none met under Decree 155/2020 Art. 120(1)(e) as amended by Decree 245/2025; the published audited statements do not meet the exchange’s statutory-loss criteria for delisting.
Ownership Risk

Top shareholders are somewhat concentrated: Công Ty Cổ Phần Quản Lý Và Đầu Tư Dtn Việt Nam holds 15.1%, and several institutional and individual shareholders hold 4–5% each (Vietnam Equity Holding 4.9%, Nguyễn Văn Hiếu 4.9%, Lê Văn Hướng 4.3%, PYN Elite Fund 4.1%). No director-deal registrations were provided in the data supplied (director-deal registrations are intentions filed with the exchange, not executed trades).

To check in the filings
  • Compare the FY2025 note(s) on receivables and other receivables: reconcile the line items for 'prepayments to suppliers', 'loans receivable' and 'other long-term receivables' to the 13.0% of total assets figure and disclose counterparties and terms.
  • Reconcile operating cash flows to reported profit: verify the components of cash flows from operating activities in the cash flow statement and the reconciliation to net profit to explain the three-year cash conversion ratio of -0.06.
  • Inspect the related-party disclosures and schedule(s) for balances and transactions with major shareholders, management and affiliated entities (look for large advances, non-trade receivables or guarantees that could explain receivables outside the trade cycle).
  • Review the audited retained earnings/accumulated losses line and paid-in capital note to confirm the 0.85x accumulated-losses-to-paid-in-capital ratio and the statutory-loss disclosures that explain why none of the statutory loss tests were met.

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

Quantitative Scores

F-Score
2/9
Weak
Z-Score
0.90
Distress Zone
Sharpe
−3.18
Negative
Composite
80
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 Burden0.81×Interest Burden1.21×Op. Margin0.07×Turnover0.71×Leverage1.71=ROE8.0%
Price Risk
Momentum
−69.9%
Volatility
26.5%
Max Drawdown
−70.0%

Key Ratios

Fiscal year 2025
6.35P/E
P/B
0.54
P/S
0.42
ROE
8.8%
ROA
5.3%
EPS
444
BVPS
5.239
Gross Margin
19.5%
Net Margin
6.5%
D/E
0.48
Current Ratio
1.78
Rev Growth
+25.3%
Profit Growth
+23.1%
EV/EBITDA
7.93
Div Yield
—

Company Overview

Shares outstanding
113M
Charter Capital
1,125B VND
Sector (ICB L2)
Y tế
Industry (ICB L3)
Thiết bị và Dịch vụ Y tế
Sub-industry
Thiết bị y tế
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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