KHS

Consumer

Công ty Cổ phần Kiên Hùng

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

15.700

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

67.755

Current

15.700

Gap

+331.6%

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)

45.42%

Kd(1-t)

6.40%

D/(D+E)

54.58%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→61.84B

Projection years→10

Valuation

Base FCF

61.84B

Growth Rate

4.00%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

67.755

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — KHS

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.42

High Risk

DSRI

0.953

GMI

0.910

AQI

0.999

SGI

1.101

DEPI

1.164

SGAI

0.880

TATA

0.200

LVGI

0.736

KHS exhibits a moderate risk level with a Beneish M-Score of -1.4203, indicating no immediate signs of earnings manipulation. However, the earnings quality score of 28.3/100, particularly the cash conversion score of 0.0/100, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 28.3/100, indicating poor earnings quality and potential issues with revenue recognition.
Cash conversion score of 0.0/100 suggests that the company is not converting its earnings into cash effectively, which could indicate liquidity issues.

Positive Signals

Beneish M-Score of -1.4203 is below the manipulation threshold of -1.78, suggesting no immediate red flags for earnings manipulation.
Receivables score of 100.0/100 indicates strong management of accounts receivable, which can be a positive sign for cash flow.

Ownership Risk

The ownership structure is concentrated, with the top four shareholders holding a combined 52% of shares. This concentration may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor cash flow and earnings quality metrics before making investment decisions. It may be prudent to wait for improvements in cash conversion and overall earnings quality before increasing exposure to KHS.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.65

Safe Zone

Sharpe

1.02

Excellent

Composite

Fair

Price Risk

Momentum

+83.8%

Volatility

37.4%

Max Drawdown

-44.1%

Key Ratios

Fiscal year 2025

4.41P/E

P/B1.01

P/S0.34

ROE24.1%

ROA12.3%

EPS3995.07

BVPS17508.38

Gross Margin13.0%

Net Margin7.7%

D/E0.67

Current Ratio1.63

Rev Growth9.3%

Profit Growth116.4%

EV/EBITDA4.56

Div Yield0.0%

Company Overview

Issued Shares

13.9M

Charter Capital

139.0B 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 KHS — hover nodes for intel, click to navigate

Shareholders

Trần Quốc Dũng

Indiv

24.9%

3.5 trieu

Lâm Thị Hương Mai

Indiv

13.4%

1.9 trieu

Trịnh Quang Tiến

Indiv

7.7%

926.656

Trần Quốc Hùng

Indiv

6.0%

827.391

Võ Ngọc Diệp

Indiv

4.5%

550.056

Đặng Thị Mai Thi

Indiv

4.5%

619.028

Công ty Cổ phần Chứng khoán Vietinbank

Inst

4.4%

530.000

Nguyễn Thị Huyền Trang

Indiv

3.3%

461.452

Đỗ Thị Cẩm Hương

Indiv

3.3%

454.825

Lâm Tường Minh

Indiv

3.3%

454.825

Dương Công Trịnh

Indiv

3.3%

395.500

Lâm Thị Ngọc Hương

Indiv

1.6%

192.349

Lâm Thị Hương Ngọc

Indiv

1.6%

221.201

Nguyễn Ngọc Anh

Indiv

0.9%

121.633

Lâm Thị Hương Lan

Indiv

0.7%

100.997

Dương Nhật Huy

Indiv

0.7%

79.100

nguyen-thanh-phong

Indiv

0.6%

86.031

Dương Nhật Vy

Indiv

0.4%

51.520

nguyen-tan-dat

Indiv

0.4%

52.555

Huỳnh Công Luận

Indiv

0.3%

41.151

Dương Công Hiệu

Indiv

0.2%

30.000

Trần Quốc Hiếu

Indiv

0.2%

30.224

Nguyễn Văn Thái

Indiv

0.2%

29.739

Board & Management

Trần Quốc Dũng24.9%

Tổng Giám đốc

Trần Quốc Hùng6.0%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Dương Công Trịnh3.3%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Ngọc Anh0.9%

Thành viên Hội đồng Quản trị

Huỳnh Công Luận0.3%

Thành viên Hội đồng Quản trị

Trương Tuyến Minh

Trưởng Ban kiểm soát

Trần Việt Trung

Thành viên Hội đồng Quản trị

Huỳnh Ngọc Phương Yến

Người phụ trách quản trị công ty

Huỳnh Thanh Dũng

Thành viên Hội đồng Quản trị

Ngô Văn Thiện

Thành viên Ban kiểm soát

Nguyễn Thị Thanh Thúy

Thành viên Ban kiểm soát

Đường Thị Thu Giang

Trưởng phòng Tài chính - Kế toán

Top connections

UCT43.1%TTG20.6%PHH19.8%SMC14.0%SJM13.3%KSD9.8%D116.0%TDF6.0%PGI6.0%CCI5.0%BTU5.0%HSP4.9%

Computed 12/04/2026