MPC

Consumer

Công ty Cổ phần Tập đoàn Thủy sản Minh Phú

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

16.400

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

12.983

Current

16.400

Gap

-20.8%

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)

51.51%

Kd(1-t)

6.70%

D/(D+E)

48.49%

WACC

10.00%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→543.14B

Projection years→10

Valuation

Base FCF

543.14B

Growth Rate

4.00%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

12.983

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — MPC

Earnings Quality

Fiscal year 2025

Poor

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

-2.08

Moderate

DSRI

1.028

GMI

0.603

AQI

1.082

SGI

1.007

DEPI

0.955

SGAI

0.972

TATA

0.120

LVGI

1.056

MPC exhibits several concerning financial metrics indicative of potential earnings manipulation, as suggested by a Beneish M-Score of -2.0803, which is below the manipulation threshold. Additionally, the low earnings quality score of 20.2/100 raises significant concerns regarding the reliability of reported earnings.

Red Flags

Beneish M-Score of -2.0803 indicates potential earnings manipulation, as it is below the threshold of -1.78.
Earnings Quality Score of 20.2/100 suggests severe issues in earnings quality, particularly with cash conversion at 0.0/100 and revenue recognition at 0.0/100.

Positive Signals

DSRI of 1.0282 is close to 1, indicating that accounts receivable are not growing disproportionately compared to revenue, which is a positive sign.
Ownership concentration with Mpm Investments Pte., Ltd. holding 35.0% may provide stability and a vested interest in the company's performance.

Ownership Risk

The significant ownership by Mpm Investments Pte., Ltd. (35.0%) and other individuals may lead to potential governance issues, particularly if their interests do not align with minority shareholders.

Recommendation

Investors should exercise caution and closely monitor MPC's financial disclosures and governance practices. It may be prudent to wait for improved earnings quality metrics before considering an investment.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

2.61

Grey Zone

Sharpe

0.50

Positive

Composite

Weak

Price Risk

Momentum

+17.9%

Volatility

24.3%

Max Drawdown

-36.8%

Key Ratios

Fiscal year 2025

13.24P/E

P/B1.35

P/S0.48

ROE10.7%

ROA5.2%

EPS1330.05

BVPS13048.99

Gross Margin12.9%

Net Margin3.6%

D/E1.05

Current Ratio1.43

Rev Growth0.7%

Profit Growth370.8%

EV/EBITDA10.28

Div Yield0.0%

Company Overview

Issued Shares

401.1M

Charter Capital

4010.9B 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 MPC — hover nodes for intel, click to navigate

Shareholders

Mpm Investments Pte., Ltd.

Inst

35.0%

140.4 trieu

Chu Thị Bình

Indiv

17.5%

70.4 trieu

Lê Văn Quang

Indiv

16.1%

64.5 trieu

Vietnam Investment Limited

Inst

7.1%

5.0 trieu

Công ty Cổ phần Quản Lý Quỹ đầu tư Dragon Capital Việt Nam

Inst

7.1%

5.0 trieu

Phạm Ngọc Hồng Thu

Indiv

5.7%

4.0 trieu

Earls Court Enterprises Limited

Inst

4.2%

2.9 trieu

Công ty Cổ Phần Đầu Tư Long Phụng

Inst

4.1%

16.4 trieu

Lê Thị Dịu Minh

Indiv

3.3%

13.1 trieu

Công ty Cổ phần Đầu tư Minh Phú

Inst

2.9%

2.0 trieu

Lê Thị Minh Phú

Indiv

2.8%

11.0 trieu

Lê Thị Minh Quí

Indiv

2.8%

11.0 trieu

Lê Thị Minh Ngọc

Indiv

2.8%

11.0 trieu

Nguyễn Thị Thu Huyền

Indiv

0.2%

885.700

Chu Văn An

Indiv

0.1%

420.320

Board & Management

Chu Thị Bình17.5%

Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc

Lê Văn Quang16.1%

Tổng Giám đốc

Lê Thị Dịu Minh3.3%

Phó Tổng Giám đốc

Chu Hồng Hà

Phó Tổng Giám đốc

Bùi Anh Dũng

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Lê Ngọc Anh

Phó Tổng Giám đốc

Thái Hoàng Hùng

Phó Tổng Giám đốc

Lê Văn Điệp

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Ngọc Hương

Phụ trách Công bố thông tin

Lưu Minh Trung

Kế toán trưởng

Nguyễn Tấn Anh

Phó Tổng Giám đốc

Suzuki Yoshiaki

Phó Giám đốc

Nguyễn Nhân Nghĩa

Thành viên Hội đồng Quản trị độc lập

Hồ Thu Lê

Thành viên Hội đồng Quản trị độc lập

Phan Thanh Lộc

Thành viên Hội đồng Quản trị độc lập

Nguyễn Thị Hồng Cúc

Thành viên Ban kiểm soát

Đỗ Thị Hạnh

Thành viên Ban kiểm soát

Nagoya Yukata

Thành viên Hội đồng Quản trị

Tsukahara Keiichi

Thành viên Hội đồng Quản trị

Trần Văn Khánh

Trưởng Ban kiểm soát

Top connections

FUEDCMID35.4%CCC16.1%TDP16.1%LSS16.1%NSG16.1%MSH16.1%DNH16.1%VVS10.3%XMC9.7%PNJ2 links ITD7.1%TIP7.1%

Computed 12/04/2026