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Consumer sector

SKN

Consumer
Công ty Cổ phần Nước giải khát Sanna Khánh Hòa
Thực phẩm và đồ uống/Bia và đồ uốngCT
7.400
VND · Last close
Valuation Verdict
Undervalued
Low
-120%Fair Value+120%
Intrinsic Value
28.319
Current
7.400
Gap
+282.7%
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)
79.87%
+
Kd(1-t)
6.29%
x
D/(D+E)
20.13%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend3.12%
Growth decays 10%/yr toward terminal
3
Model Inputs
Base FCF6.47B
Projection years10
4
Valuation
Base FCF
6.47B
Growth Rate
3.12%
WACC
10.00%
Terminal Growth
4.00%
DCF Value
28.319
Value Decomposition
43%
57%
Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SKN

Earnings Quality

Fiscal year 2025

58
Fair
Accrual Quality
96
Cash Conversion
98
Receivables
0
Margin Stability
65
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025

-1.74
Elevated
DSRI
1.228
GMI
1.035
AQI
1.836
SGI
1.073
DEPI
2.652
SGAI
0.964
TATA
-0.011
LVGI
1.130

SKN's Beneish M-Score of -1.7447 is close to the manipulation threshold, indicating potential earnings manipulation. The earnings quality score of 58.2 suggests some concerns, particularly with receivables and revenue recognition.

Red Flags
  • Beneish M-Score of -1.7447 is above the manipulation threshold of -1.78, indicating potential earnings manipulation.
  • Earnings quality metrics show 0.0/100 for eq_receivables and eq_revenue, suggesting significant issues in revenue recognition and collection.
Positive Signals
  • Strong accrual (95.8/100) and cash conversion (97.9/100) metrics indicate good operational performance.
  • Ownership by state-owned enterprise (51.0%) suggests stability and potential government support.
Ownership Risk

The high concentration of ownership by state-owned enterprises may lead to governance risks, as decisions may prioritize state interests over minority shareholders.

Recommendation

Investors should closely monitor SKN's financial disclosures and consider a cautious approach due to potential earnings manipulation signals. Engaging with management for clarity on revenue recognition practices is advisable.

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

Quantitative Scores

F-Score
5/9
Neutral
Z-Score
3.73
Safe Zone
Sharpe
0.11
Positive
Composite
66
Fair
Price Risk
Momentum
+2.9%
Volatility
88.9%
Max Drawdown
-29.3%

Key Ratios

Fiscal year 2025
8.40P/E
P/B0.64
P/S0.37
ROE7.7%
ROA6.1%
EPS880.83
BVPS11539.87
Gross Margin33.9%
Net Margin4.5%
D/E0.29
Current Ratio3.51
Rev Growth7.5%
Profit Growth17.8%
EV/EBITDA1.35
Div Yield0.0%

Company Overview

Issued Shares
5.0M
Charter Capital
50.0B 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 SKN — hover nodes for intel, click to navigate

Shareholders
Công ty TNHH Nhà nước MTV Yến Sào Khánh Hòa
Inst
51.0%
2.5 trieu
Công Ty Cổ Phần Nhựa Ninh Thuận
Inst
12.4%
622.455
Công ty TNHH Sản Xuất - Thương Mại - Dịch Vụ Minh Thông
Inst
7.0%
350.000
Lê Thị Hồng Vân
Indiv
2.0%
101.768
Hoàng Kim Nam
Indiv
0.9%
44.545
Công ty Cổ phần Dịch vụ Văn hóa và Quảng Cáo Khánh Hòa
Inst
0.7%
35.000
Nguyễn Văn Hùng
Indiv
0.4%
19.562
nguyen-khoa-bao
Indiv
0.2%
9.712
nguyen-thanh-hai
Indiv
0.2%
8.560
Nguyễn Thị Hạnh Quyên
Indiv
0.2%
8.000
Nguyễn Văn Lành
Indiv
0.1%
5.400
Nguyễn Lê Thùy Linh
Indiv
0.1%
5.100
nguyen-thanh-hung
Indiv
0.1%
5.000
Lê Thị Hồng Thủy
Indiv
0.1%
5.009
Board & Management
Nguyễn Khoa Bảo0.2%
Chủ tịch Hội đồng Quản trị/Phụ trách Công bố thông tin
Nguyễn Thị Hạnh Quyên0.2%
Kế toán trưởng
Nguyễn Văn Lành0.1%
Thành viên Hội đồng Quản trị/Giám đốc
Nguyễn Lê Thùy Linh0.1%
Phó Giám đốc
Đinh Thị Thúy Phượng
Thành viên Ban kiểm soát
Nguyễn Thị Ngọc Quyên
Trưởng Ban kiểm soát
Nguyễn Ngọc Huy
Thành viên Hội đồng Quản trị
Nguyễn Cao Kỷ
Thành viên Ban kiểm soát
Đào Minh Tú
Thành viên Hội đồng Quản trị
Nguyễn Hạ Hiền
Thành viên Hội đồng Quản trị
Computed 12/04/2026
Methodology & Disclosure

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