UPCOM:NCS

Công ty Cổ phần Suất ăn Hàng không Nội Bài

VietnamConsumerThực phẩm và đồ uốngSản xuất thực phẩmUPCOMCT

33.100

VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+21.1%Calibrated value vs last close

Last close (VND): 33.100
Calibrated intrinsic value (VND): 40.083

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

1
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
3
Apply to the close
That return is applied to the last close.

Keep in mind

For illustration only: not a validated forecast.
No uncertainty range: the estimate is a single figure.
Older record: it has not been re-measured on the current data.

Why it needs review

Trading liquidity is below the comparison threshold.

Also note

A release of working capital contributes to cash flow.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 4 Nov 2026Valid through 3 Dec 2026

Model reliability: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Anchored to close on 3 Nov 2026Recalculated when the displayed close changes.

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

Intrinsic = 70% x DCF Value + 30% x (Fair P/E x EPS)

A Discounted Cash Flow model built on Free Cash Flow (FCF), the cash a business generates after operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted to today's value using WACC. The DCF value is blended 70/30 with a value from the company's own historical P/E.

Technical details

Why this model

Consumer staples/retail generate steady, predictable free cash flows, making them ideal for DCF. The time value of money principle means a dollar today is worth more than a dollar tomorrow. DCF captures this by discounting future cash flows at a rate reflecting the investment's risk (WACC).

How it works

Takes 3-year median FCF as the base. Estimates growth via ROIC x reinvestment rate (Damodaran framework), falling back to historical revenue growth. Projects 10 years with decay toward the sector's long-run growth rate. Discounts at CAPM-derived WACC. Blends 70% of the DCF value with 30% of a P/E value: the company's 5-year median P/E, held between 5x and 25x, times EPS.

Best for

Stable consumer businesses (food, beverage, retail, healthcare) with predictable, positive free cash flows.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

0.910

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.10%

E/(D+E)

55.27%

Kd(1-t)

8.56%

D/(D+E)

44.73%

WACC

10.00%

Growth Estimate

historical blend12.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→96.30B

Projection years→10

Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→33.100

Calibrated value vs last close→+21.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

40.083

What feeds each step— click a source to highlight it in the statements

Discount rate (WACC)10.00%

Growth rate12.00%growth method: historical blend

Base cash flow96.3 tỷone off strip ratio: 0

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth	9.0%	10.5%	12.0%	13.5%	15.0%
8.0%	41.964	41.964	45.128	45.128	45.128
9.0%	41.308	41.308	41.964	41.964	41.964
10.0%	40.643	40.643	40.643	41.308	41.964
11.0%	38.651	40.643	40.643	40.643	40.643
12.0%	38.651	38.651	38.651	40.643	40.643

Above market priceBelow market priceCurrent estimate

UPCOM:NCS among Consumer

Every stock in the sector, UPCOM:NCS marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is UPCOM:NCS. Drag to turn; open another stock from its bead.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	188	161	132	151	118	150	152	201	245	176	154	108	105
Cash and cash equivalents (Bn. VND)Net debt bridge	·	16	13	13	40	7	10	6	40	87	92	73	63	40
Short-term investments (Bn. VND)Net debt bridge	·	73	53	4	30	60	70	60	30	0	0	0	0	0
Accounts receivable (Bn. VND)	·	86	78	100	67	40	60	66	111	142	73	72	34	55
Prepayments to suppliers (Bn. VND)	·	0.1	3	0.2	0.1	0.08	0.3	0.07	44	82	20	4	0.01	0.02
Net Inventories	·	14	15	14	13	9	7	11	10	10	10	9	9	9
Inventories, Net (Bn. VND)	·	14	15	14	13	9	7	11	10	10	10	9	9	9
Other current assets	·	0	0.8	2	2	2	2	8	11	5	0.3	0	2	1
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.02
LONG-TERM ASSETS (Bn. VND)	·	297	311	331	362	390	422	457	477	211	56	39	43	48
Long-term trade receivables (Bn. VND)	·	1	0.6	2	2	2	2	2	2	2	2	0.1	0.2	0
Other long-term receivables (Bn. VND)	·	1	1	2	2	2	2	2	2	2	2	0.1	0.2	0
Fixed assets (Bn. VND)	·	288	300	328	357	388	419	443	458	48	30	35	39	47
Tangible fixed assets	·	288	300	328	357	388	418	441	457	45	30	34	38	42
Intagible fixed assets	·	0	0	0	0	0.5	0.9	1	2	2	0.2	0.9	1	2
Other non-current assets	·	8	11	2	3	0.5	0.6	11	15	0.2	0.3	0.1	0.1	0.3
Long-term prepayments (Bn. VND)	·	8	11	2	3	0.5	0.6	11	15	0.2	0.3	0.1	0.1	0
TOTAL ASSETS (Bn. VND)	·	485	472	463	514	508	572	609	679	456	232	193	150	153
LIABILITIES (Bn. VND)	·	238	290	335	432	432	419	387	448	217	68	66	46	40
Current liabilities (Bn. VND)	·	220	232	217	241	194	147	120	213	83	68	66	46	40
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	60	90	120	133	121	74	41	16	0	0	0	0	0
Advances from customers (Bn. VND)	·	0	0.06	0.01	0	0.1	0.2	0	0	0	0	0	0	0
Long-term liabilities (Bn. VND)	·	18	58	119	191	239	272	267	235	135	0	0	0	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	18	58	119	191	239	272	267	235	135	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	247	182	128	82	76	153	222	230	239	164	127	104	112
Capital and reserves (Bn. VND)	·	247	182	128	82	76	153	222	230	239	164	127	104	112
Paid-in capital (Bn. VND)	·	179	179	179	179	179	179	179	179	179	120	80	50	50
Investment and development funds (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	7	0
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	5	5
Undistributed earnings (Bn. VND)	·	68	3	−52	−98	−103	−26	42	51	59	45	47	42	50
TOTAL RESOURCES (Bn. VND)	·	485	472	463	514	508	572	609	679	456	232	193	150	153
Common shares (Bn. VND)	·	179	179	179	179	179	179	179	179	179	120	80	50	50

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.76 · 25th pctile vs VN companies

YoY ▼ −0.32

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

0.912

GMI

1.029

AQI

0.796

SGI

1.195

DEPI

0.954

SGAI

0.992

TATA

−0.079

LVGI

0.799

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.8172nd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.3%19th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

8/9

Strong

Z-Score

4.40

Safe Zone

Sharpe

0.24

Positive

Composite

50 to 69

Piotroski F-Score Breakdown

✓Net Income > 0

✓Operating CF > 0

✓ROA Rising

✓OCF > Net Income

✓Lower Leverage

✓Better Liquidity

✓No Dilution

✗Margin Up

✓Turnover Up

DuPont Decomposition

Tax Burden0.80×Interest Burden1.00×Op. Margin0.10×Turnover1.80×Leverage1.96=ROE27.4%

Price Risk

Momentum

+22.8%

Volatility

63.8%

Max Drawdown

−29.5%

Key Ratios

Fiscal year 2025

8.80P/E

P/B: 2.41
P/S: 0.68
ROE: 31.5%
ROA: 14.1%
EPS: 3.771
BVPS: 13.779
Gross Margin: 15.5%
Net Margin: 7.7%
D/E: 0.32
Current Ratio: 0.85
Rev Growth: +18.7%
Profit Growth: +23.7%
EV/EBITDA: 4.96
Div Yield: —

Company Overview

Shares outstanding: 17.9M
Charter Capital: 179B VND
Sector (ICB L2): Thực phẩm và đồ uống
Industry (ICB L3): Sản xuất thực phẩm
Sub-industry: Thực phẩm
Company Type: CT

Ownership network

Common ownership links for UPCOM:NCS. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Hàng không Việt Nam

Inst

60.2%

10.8M

2026-03-31

Công ty Cổ phần Dịch vụ Hàng không Sân bay Tân Sơn Nhất

UPCOM:SAS

10.0%

1.8M

2026-03-31

Công ty TNHH MTV Suất Ăn Hàng Không Việt Nam

Inst

1.7%

306,015

2026-03-31

Board & Management

Trần Quốc Hùng

Deputy General Director

Vương Thị Phúc Minh

Deputy General Director

Nguyễn Đức Hạnh

Member of Management Board

Nguyễn Thị Quỳnh Hoa

Member of Supervisors Board

Đỗ Thị Minh Lý

Member of Supervisors Board

Vũ Mạnh Phú

Member of Supervisors Board

Võ Đức Hiếu

Chief Accountant

Nguyễn Văn Dũng

Member of Management Board

Ngô Hồng Minh

Chairman of Management Board

Nguyễn Văn Hùng Cường

Member of Management Board

Top connections

HOSE:NCT60.2%UPCOM:NAS60.2%HNX:ARM60.2%HNX:MAS60.2%HNX:HBS60.2%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

UPCOM:NCS among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

UPCOM:NCS among Consumer