PPH

Consumer

Tổng Công ty Cổ phần Phong Phú

Hàng cá nhân & Gia dụng/Hàng cá nhânCT

27.600

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

76.956

Current

27.600

Gap

+178.8%

ModelFCF DCF

Valuation Breakdown

CT→Hàng cá nhân & Gia dụng→Consumer

Classified as consumer because ICB sector "Hàng cá nhân & Gia dụng" 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)

52.64%

Kd(1-t)

7.93%

D/(D+E)

47.36%

WACC

10.00%

Growth Estimate

fundamental firm blend2.91%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→380.54B

Projection years→10

Valuation

Base FCF

380.54B

Growth Rate

2.91%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

76.956

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — PPH

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-1.91

Moderate

DSRI

0.775

GMI

1.034

AQI

1.010

SGI

1.276

DEPI

0.910

SGAI

0.909

TATA

0.104

LVGI

0.952

The Beneish M-Score of -1.9096 indicates a lower risk of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 43.3/100, particularly low cash conversion and revenue metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 43.3/100 indicates potential issues with earnings sustainability.
Cash conversion score of 1.5/100 suggests significant discrepancies between reported earnings and actual cash flows.

Positive Signals

Beneish M-Score of -1.9096 is below the manipulation threshold, indicating a lower likelihood of earnings manipulation.
Receivables score of 100.0/100 reflects strong management of receivables, suggesting effective credit control.

Ownership Risk

The top shareholder, Tập đoàn Dệt May Việt Nam, holds a controlling stake of 50.1%, which may lead to potential conflicts of interest and reduced minority shareholder influence.

Recommendation

Investors should closely monitor cash flow metrics and consider the implications of concentrated ownership before making investment decisions. A deeper analysis into revenue recognition practices is also advised.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.31

Grey Zone

Sharpe

-0.07

Negative

Composite

Fair

Price Risk

Momentum

-3.8%

Volatility

15.4%

Max Drawdown

-24.4%

Key Ratios

Fiscal year 2025

4.57P/E

P/B1.02

P/S0.84

ROE23.3%

ROA12.6%

EPS6056.13

BVPS27159.35

Gross Margin19.8%

Net Margin18.4%

D/E0.73

Current Ratio1.30

Rev Growth9.8%

Profit Growth21.0%

EV/EBITDA12.68

Div Yield5.4%

Company Overview

Issued Shares

74.7M

Charter Capital

746.7B VND

Sector (ICB L2)

Hàng cá nhân & Gia dụng

Industry (ICB L3)

Hàng cá nhân

Sub-industry

Hàng May mặc

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tập đoàn Dệt May Việt Nam

Inst

50.1%

37.4 trieu

Công ty Cổ Phần Thương Mại Đầu Tư Bất Động Sản Dương Trần

Inst

8.6%

6.4 trieu

Công ty CP Phát Triển Đầu Tư An Tâm

Inst

8.6%

6.5 trieu

Dương Thị Bảo Châu

Indiv

3.4%

2.4 trieu

Trần Thị Trầm Thanh

Indiv

1.1%

799.408

Phạm Minh Hương

Indiv

0.8%

603.891

Phạm Xuân Trình

Indiv

0.7%

482.900

Trần Quang Sáng

Indiv

0.6%

473.062

Bùi Thị Thu

Indiv

0.3%

242.727

Trần Quang Nghị

Indiv

0.3%

200.000

Dương Khuê

Indiv

0.2%

166.494

Trần Ngọc Nga

Indiv

0.2%

132.850

Trương Thị Ngọc Phượng

Indiv

0.1%

89.665

Phan Đăng Khoa

Indiv

0.1%

81.103

Phan Kim Hằng

Indiv

0.1%

77.348

Board & Management

Phạm Minh Hương0.8%

Thành viên Hội đồng Quản trị

Phạm Xuân Trình0.7%

Thành viên Hội đồng Quản trị

Bùi Thị Thu0.3%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Trần Quang Nghị0.3%

Chủ tịch Hội đồng Quản trị

Dương Khuê0.2%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Trần Ngọc Nga0.2%

Phó Tổng Giám đốc

Trương Thị Ngọc Phượng0.1%

Kế toán trưởng/Giám đốc Tài chính

Phan Kim Hằng0.1%

Phó Tổng Giám đốc

Nguyễn Văn Nhiệm

Giám đốc điều hành

Lý Anh Tài

Giám đốc điều hành

Nguyễn Thị Mỹ Lệ

Trưởng Ban kiểm soát

Trần Liên Hữu

Thành viên Ban kiểm soát

Đinh Hồng Tiến

Giám đốc điều hành

Vũ Thị Thùy Dương

Thành viên Ban kiểm soát

Lê Thị Ánh Ngọc

Giám đốc điều hành

Phạm Thị Diệu Thúy

Phụ trách Công bố thông tin

Đoàn Kiên

Giám đốc điều hành

Top connections

VTI68.3%HTG61.9%HDM60.9%SPB60.7%NDT53.7%TVT50.1%MGG50.1%HUG50.1%VGG50.1%HNI50.1%NJC50.1%VDN50.1%

Computed 12/04/2026