TH1

Consumer

Công ty Cổ phần Xuất nhập khẩu Tổng hợp I Việt Nam

Bán lẻ/Phân phối thực phẩm & dược phẩmCT

2.300

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

1.885

Current

2.300

Gap

-18.1%

ModelFCF DCF

Valuation Breakdown

CT→Bán lẻ→Consumer

Classified as consumer because ICB sector "Bán lẻ" 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.

Distressed Valuation

Negative Intrinsic Value

BVPS

3.770

Discount

50%

Floor Value

3.770

Valuation Track Record

Retroactive intrinsic value vs actual close price — TH1

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-0.23

High Risk

DSRI

0.872

GMI

1.940

AQI

0.453

SGI

2.356

DEPI

1.148

SGAI

0.593

TATA

0.170

LVGI

0.991

TH1 exhibits several concerning financial metrics, particularly a high GMI of 1.9397, indicating potential earnings manipulation. Additionally, the low earnings quality score of 39.6/100, driven by poor cash conversion and margin metrics, raises further red flags regarding financial health.

Red Flags

GMI of 1.9397, significantly above 1, suggesting potential earnings manipulation.
Earnings Quality Score of 39.6/100, indicating overall weak earnings quality.
Cash conversion score of 0.0/100, highlighting severe issues in converting earnings to cash.

Positive Signals

DSRI of 0.8724, below 1, indicating that inventory growth is not outpacing revenue growth.
Receivables score of 100.0/100, suggesting strong management of receivables.

Ownership Risk

The top shareholders are predominantly individuals, with the largest holding at 20.7%, which could lead to concentrated decision-making and potential conflicts of interest. This structure may limit the influence of institutional investors on corporate governance.

Recommendation

Investors should exercise caution and closely monitor TH1's financial disclosures for signs of manipulation. Consider waiting for improved earnings quality metrics and a more balanced ownership structure before making investment decisions.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.61

Distress Zone

Sharpe

-0.27

Negative

Composite

Weak

Price Risk

Momentum

+30.8%

Volatility

104.3%

Max Drawdown

-56.0%

Key Ratios

Fiscal year 2025

1.67P/E

P/B0.58

P/S0.02

ROE41.8%

ROA2.0%

EPS1303.16

BVPS3769.93

Gross Margin4.5%

Net Margin1.1%

D/E18.32

Current Ratio1.06

Rev Growth135.6%

Profit Growth-29.3%

EV/EBITDA39.41

Div Yield0.0%

Company Overview

Issued Shares

13.5M

Charter Capital

135.4B VND

Sector (ICB L2)

Bán lẻ

Industry (ICB L3)

Phân phối thực phẩm & dược phẩm

Sub-industry

Phân phối thực phẩm

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for TH1 — hover nodes for intel, click to navigate

Shareholders

Đinh Đức Tùng

Indiv

20.7%

2.8 trieu

Nguyễn Vĩnh Huy

Indiv

15.9%

2.1 trieu

Hoàng Trí Cường

Indiv

5.6%

757.000

VOF Investment Limited

Inst

4.5%

571.666

Công ty Cổ phần Đầu tư Và Thương mại Xuất nhập khẩu HFC Việt Nam

Inst

2.2%

303.526

Hoàng Tuấn Khải

Indiv

0.6%

84.304

Lê Thái Hà

Indiv

0.6%

71.554

Phan Thu Anh

Indiv

0.4%

56.407

Nguyễn Văn Khang

Indiv

0.4%

50.853

nguyen-anh-tuan

Indiv

0.4%

45.170

Phạm Uyên Nguyên

Indiv

0.3%

43.000

Phạm Minh Sơn

Indiv

0.2%

30.581

Lê Xuân Chất

Indiv

0.2%

27.405

Phạm Thị Thảo

Indiv

0.1%

15.400

Lê Công Thuận

Indiv

0.1%

12.639

Board & Management

Nguyễn Vĩnh Huy15.9%

Thành viên Hội đồng Quản trị

Phạm Thị Thảo0.1%

Thành viên Ban kiểm soát

Nguyễn Thị Thu Hoài

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Thị Quyên

Người phụ trách quản trị công ty

Lê Tuấn Điệp

Thành viên Hội đồng Quản trị

Phạm Thị Chiến

Trưởng Ban kiểm soát

Lê Thị Thu Hương

Thành viên Ban kiểm soát

Mai Thu Hà

Kế toán trưởng

Đinh Công Hoàng

Phó Tổng Giám đốc

Vũ Thị Phương

Phụ trách Công bố thông tin/Thành viên Hội đồng Quản trị

Phương Thừa Vũ

Chủ tịch Hội đồng Quản trị

Top connections

TQW20.7%FIR15.2%AGP14.3%XLV11.0%CAT10.0%CK810.0%VNR6.6%PV25.7%PVO5.6%E1VFVN305.5%DTA5.2%THT5.0%

Computed 12/04/2026