MED

Consumer

Công ty Cổ phần Dược Trung ương Mediplantex

Y tế/Dược phẩmCT

20.400

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

20.513

Current

20.400

Gap

+0.6%

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)

65.68%

Kd(1-t)

6.23%

D/(D+E)

34.32%

WACC

10.00%

Growth Estimate

fundamental firm blend3.92%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→15.25B

Projection years→10

Valuation

Base FCF

15.25B

Growth Rate

3.92%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

20.513

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — MED

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.43

Moderate

DSRI

0.833

GMI

0.899

AQI

1.123

SGI

0.828

DEPI

1.010

SGAI

1.101

TATA

0.067

LVGI

0.804

The Beneish M-Score of -2.429 indicates that MED is not currently flagged for earnings manipulation, as it is below the threshold of -1.78. However, the low earnings quality score of 47.9, particularly concerning cash conversion metrics, suggests potential underlying issues with revenue recognition and cash flow.

Red Flags

Earnings Quality Score of 47.9/100 indicates significant concerns, especially with eq_cash_conv at 0.0/100, suggesting poor cash conversion from earnings.
The SGI of 0.8284 indicates a decline in sales growth, which may signal weakening demand or operational inefficiencies.

Positive Signals

Beneish M-Score of -2.429 is below the manipulation threshold, suggesting no immediate red flags for earnings manipulation.
High receivables quality score of 90.4/100 indicates strong management of receivables, which may reflect effective credit policies.

Ownership Risk

The concentrated ownership structure, with the top two shareholders holding over 50% of shares, may lead to governance risks and potential conflicts of interest, particularly in decision-making processes.

Recommendation

Investors should closely monitor cash flow metrics and consider engaging with management regarding the low cash conversion rates. A cautious approach is advised given the elevated risk level.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

2.58

Grey Zone

Sharpe

-0.54

Negative

Composite

Weak

Price Risk

Momentum

-15.4%

Volatility

64.8%

Max Drawdown

-24.8%

Key Ratios

Fiscal year 2025

16.58P/E

P/B0.77

P/S0.69

ROE4.6%

ROA3.2%

EPS1230.60

BVPS26651.87

Gross Margin23.2%

Net Margin4.2%

D/E0.38

Current Ratio1.62

Rev Growth-16.7%

Profit Growth0.2%

EV/EBITDA9.24

Div Yield0.0%

Company Overview

Issued Shares

12.4M

Charter Capital

124.1B VND

Sector (ICB L2)

Y tế

Industry (ICB L3)

Dược phẩm

Sub-industry

Dược phẩm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Nguyễn Ngọc Xuân Trang

Indiv

28.5%

3.5 trieu

Trần Nguyễn Hoàng Phúc

Indiv

22.3%

2.8 trieu

Tổng Công ty Dược Việt Nam

Inst

11.5%

1.4 trieu

Công ty TNHH Chế tạo máy Tiến Tuấn

Inst

8.2%

412.500

Trần Hoàng Dũng

Indiv

8.1%

1.0 trieu

Trần Toàn Thắng

Indiv

6.5%

800.587

trần bình duyên

Indiv

6.3%

316.200

Nguyễn Ngọc Tuyên

Indiv

3.9%

481.200

Đoàn Thị Hồng Thúy

Indiv

2.2%

273.224

Ngô Trọng Vinh

Indiv

1.4%

68.600

Đỗ Thị Nhường

Indiv

0.9%

42.880

Đỗ Ngọc Thúy

Indiv

0.8%

100.000

Trần Nguyễn Hoàng Ân

Indiv

0.7%

87.500

Hà Xuân Sơn

Indiv

0.6%

29.560

Nguyễn Thị Toàn

Indiv

0.5%

25.000

Vũ Anh Tuấn

Indiv

0.5%

24.000

Lê Hồng Trung

Indiv

0.4%

49.768

Trần Nguyễn Hoàng Hy

Indiv

0.4%

47.000

Nguyễn Ngọc Hưng

Indiv

0.3%

32.000

nguyen-tien-phong

Indiv

0.2%

20.000

Trần Nguyễn Hoàng Ân

Indiv

0.2%

20.000

Phùng Minh Dũng

Indiv

0.2%

7.820

nguyen-ba-quang

Indiv

0.1%

18.174

Board & Management

Trần Hoàng Dũng8.1%

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Nguyễn Ngọc Tuyên3.9%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Đoàn Thị Hồng Thúy2.2%

Chủ tịch Hội đồng Quản trị

Lê Hồng Trung0.4%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Tiên Phong0.2%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Chí Kiên

Phó Tổng Giám đốc

Dương Thị Minh Nguyệt

Thành viên Ban kiểm soát

Nguyễn Thị Hoàng Phi

Thành viên Ban kiểm soát

PHÙNG MINH THƠM

Trưởng Ban kiểm soát

Đỗ Văn Tấn

Thành viên Hội đồng Quản trị

Trần Anh Tuấn

Thành viên Hội đồng Quản trị

Lã Thị Trang Nhung

Kế toán trưởng

Top connections

CDP66.3%DP165.4%TW365.0%CMC31.3%UPH28.4%DAN26.5%LCD23.4%PCT22.3%DP322.1%IMP22.0%MKP18.2%VDP14.3%

Computed 12/04/2026