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Consumer sector

SKH

Consumer
Công ty Cổ phần Nước giải khát Sanest Khánh Hòa
Thực phẩm và đồ uống/Bia và đồ uốngCT
24.500
VND · Last close
Valuation Verdict
Undervalued
Low
-120%Fair Value+120%
Intrinsic Value
67.777
Current
24.500
Gap
+176.6%
ModelFCF DCF

Valuation Breakdown

CTThực phẩm và đồ uốngConsumer
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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.50%
+
Betasector default
0.800
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
10.10%
Ke
10.10%
x
E/(D+E)
49.89%
+
Kd(1-t)
6.35%
x
D/(D+E)
50.11%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend3.36%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF62.04B
Projection years10
4
Valuation
Base FCF
62.04B
Growth Rate
3.36%
WACC
10.00%
Terminal Growth
4.00%
DCF Value
67.777
Value Decomposition
43%
57%
Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SKH

Earnings Quality

Fiscal year 2025

83
Good
Accrual Quality
93
Cash Conversion
99
Receivables
100
Margin Stability
100
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025

-2.80
Low Risk
DSRI
0.457
GMI
1.384
AQI
0.844
SGI
0.991
DEPI
0.943
SGAI
0.593
TATA
-0.018
LVGI
0.778

The Beneish M-Score of -2.7962 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the Earnings Quality Score of 82.9/100 reveals some concerns, particularly with revenue recognition, which scored 0.0/100, suggesting potential issues in revenue reporting.

Red Flags
  • Earnings Quality Score for revenue recognition is 0.0/100, indicating significant concerns regarding revenue reporting practices.
Positive Signals
  • Beneish M-Score of -2.7962 suggests a low likelihood of earnings manipulation, indicating a potentially stable financial reporting environment.
Ownership Risk

The top shareholder, a state-owned enterprise, holds 51.1% of the shares, which could lead to potential governance issues and lack of minority shareholder influence.

Recommendation

Investors should closely monitor revenue recognition practices and consider engaging with management for clarity on revenue reporting, while also assessing the implications of the concentrated ownership structure.

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

Quantitative Scores

F-Score
7/9
Strong
Z-Score
3.53
Safe Zone
Sharpe
-0.17
Negative
Composite
73
Strong
Price Risk
Momentum
-1.0%
Volatility
43.7%
Max Drawdown
-17.3%

Key Ratios

Fiscal year 2025
12.33P/E
P/B1.92
P/S0.69
ROE15.8%
ROA8.7%
EPS1986.22
BVPS12758.54
Gross Margin21.5%
Net Margin5.6%
D/E0.64
Current Ratio2.09
Rev Growth-0.9%
Profit Growth16.5%
EV/EBITDA6.87
Div Yield0.0%

Company Overview

Issued Shares
16.1M
Charter Capital
330.0B VND
Sector (ICB L2)
Thực phẩm và đồ uống
Industry (ICB L3)
Bia và đồ uống
Sub-industry
Đồ uống & giải khát
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Công ty TNHH Nhà nước MTV Yến Sào Khánh Hòa
Inst
51.1%
16.9 trieu
Công Ty TNHH Bao Bì Nước Giải Khát Crown Đồng Nai
Inst
10.0%
3.3 trieu
Công ty TNHH NHT
Inst
4.7%
1.6 trieu
Lê Thị Hồng Vân
Indiv
0.3%
113.600
Võ Thị Liễu Nhi
Indiv
0.2%
54.600
Lê Đức Tiến
Indiv
0.1%
45.100
Board & Management
Lê Thị Hồng Vân0.3%
Tổng Giám đốc
Võ Thị Liễu Nhi0.2%
Thành viên Hội đồng Quản trị
Lê Đức Tiến0.1%
Phó Tổng Giám đốc/Chủ tịch Hội đồng Quản trị
Ngô Thị Hương Liên
Trưởng phòng Tài chính - Kế toán/Kế toán trưởng
Hoàng Thị Ân Vũ
Trưởng Ban kiểm soát
Lê Huỳnh Phụng
Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị
Bùi Thị Hạnh
Chủ tịch Hội đồng Quản trị
Nguyễn Minh Quân
Thành viên Ban kiểm soát
Huỳnh Thị Trần Lê
Thành viên Ban kiểm soát
Nguyễn Xuân Anh
Phó Tổng Giám đốc
Đào Tuấn Trung
Thành viên Hội đồng Quản trị
Computed 12/04/2026
Methodology & Disclosure

vnvalue is a methodology engine — not an advisor. Every number is the deterministic output of a published formula applied to public financial data. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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