THP

Consumer

Công ty Cổ phần Thủy sản và Thương mại Thuận Phước

Thực phẩm và đồ uống/Sản xuất thực phẩmCT

8.800

VND · Last close

Valuation Verdict

Fairly Valued

Very Low

-120%Fair Value+120%

Intrinsic Value

8.785

Current

8.800

Gap

-0.2%

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.

Distressed Valuation

Negative Intrinsic Value

BVPS

17.570

Discount

50%

Floor Value

17.570

Valuation Track Record

Retroactive intrinsic value vs actual close price — THP

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

-2.61

Low Risk

DSRI

0.708

GMI

0.965

AQI

0.865

SGI

1.072

DEPI

0.979

SGAI

0.972

TATA

0.032

LVGI

1.006

THP exhibits several concerning indicators of potential earnings manipulation, as evidenced by its Beneish M-Score of -2.6058, which is significantly below the manipulation threshold of -1.78. While the company shows strong receivables management, its overall earnings quality score of 43.3/100 indicates significant weaknesses in cash conversion and revenue recognition.

Red Flags

Beneish M-Score of -2.6058 indicates potential earnings manipulation, well below the threshold of -1.78.
Earnings Quality Score of 43.3/100, particularly low cash conversion score of 0.0/100, raises concerns about the reliability of reported earnings.
SGI of 1.0717 suggests that sales growth may not be supported by cash flows, indicating potential revenue recognition issues.

Positive Signals

Strong receivables management with an eq_receivables score of 100.0/100, indicating effective collection practices.
Low DSRI of 0.7081 suggests that inventory levels are well managed relative to sales, which is a positive operational signal.

Ownership Risk

The ownership structure is highly concentrated, with Nguyễn Thị Phi Anh holding 57.3% of shares, which may lead to governance risks and potential misalignment of interests with minority shareholders.

Recommendation

Investors should exercise caution and closely monitor THP's financial disclosures and operational performance. It is advisable to wait for improved earnings quality metrics and greater transparency before considering an investment.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.57

Grey Zone

Sharpe

0.14

Positive

Composite

Fair

Price Risk

Momentum

+28.5%

Volatility

61.3%

Max Drawdown

-25.0%

Key Ratios

Fiscal year 2025

4.82P/E

P/B0.50

P/S0.06

ROE10.7%

ROA2.9%

EPS1826.62

BVPS17570.49

Gross Margin8.7%

Net Margin1.2%

D/E2.78

Current Ratio1.01

Rev Growth7.8%

Profit Growth139.9%

EV/EBITDA8.55

Div Yield3.4%

Company Overview

Issued Shares

21.6M

Charter Capital

216.1B 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 THP — hover nodes for intel, click to navigate

Shareholders

Nguyễn Thị Phi Anh

Indiv

57.3%

13.4 trieu

Trần Văn Lĩnh

Indiv

7.2%

1.6 trieu

Lê Thanh Thảo

Indiv

6.3%

1.4 trieu

Lê Thị Minh Thảo

Indiv

5.7%

1.2 trieu

Dương Thị Tuyết Hằng

Indiv

1.5%

319.992

Lê Văn Cường

Indiv

1.1%

247.500

Trương Nguyên

Indiv

0.7%

143.835

Võ Hồng Thái

Indiv

0.7%

143.100

Nguyễn Thị Dung

Indiv

0.3%

67.710

Võ Hồng Sơn

Indiv

0.3%

60.000

Nguyễn Thị Phi Yến

Indiv

0.3%

57.000

Đỗ Thị Nguyệt

Indiv

0.2%

44.900

Trần Thị Tứ

Indiv

0.2%

33.000

nguyen-dinh-tuan

Indiv

0.1%

33.600

Huỳnh Văn Sau

Indiv

0.1%

28.300

Nguyễn Văn Trung

Indiv

0.1%

20.700

Board & Management

Nguyễn Thị Phi Anh57.3%

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Trần Văn Lĩnh7.2%

Chủ tịch Hội đồng Quản trị

Lê Thanh Thảo6.3%

Phó Tổng Giám đốc/Trưởng phòng Kinh doanh/Người phụ trách quản trị công ty/Thành viên Hội đồng Quản trị

Lê Thị Minh Thảo5.7%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Dương Thị Tuyết Hằng1.5%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Trương Nguyên0.7%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Đình Tuấn0.1%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Mai Đăng Hải

Thành viên Ban kiểm soát

Đặng Thị Hải

Thành viên Ban kiểm soát

Võ Thị Hà

Trưởng Ban kiểm soát

Phạm Đình Nguyên

Phó Tổng Giám đốc

Hà Thị Thu Thủy

Kế toán trưởng

Top connections

DHM20.1%HVH7.2%CPC2.2%VCC2.0%SDN1.5%ECO1.5%FTS1.4%HUG1.1%SRC1.1%TCL1.1%

Computed 12/04/2026