VDP

Consumer

Công ty Cổ phần Dược phẩm Trung ương VIDIPHA

Y tế/Dược phẩmCT

60.400

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

59.805

Current

60.400

Gap

-1.0%

ModelFCF DCF

Valuation Breakdown

CT→Y tế→Consumer

Classified as consumer because ICB sector "Y tế" 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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

0.800

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

10.10%

E/(D+E)

66.94%

Kd(1-t)

6.28%

D/(D+E)

33.06%

WACC

10.00%

Growth Estimate

fundamental firm blend3.51%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→81.05B

Projection years→10

Valuation

Base FCF

81.05B

Growth Rate

3.51%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

59.805

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VDP

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-3.28

Low Risk

DSRI

0.798

GMI

0.911

AQI

0.066

SGI

1.018

DEPI

0.959

SGAI

1.131

TATA

-0.042

LVGI

0.949

The Beneish M-Score of -3.2803 indicates a low likelihood of earnings manipulation, significantly below the threshold of -1.78. Coupled with a strong earnings quality score of 80.8/100, particularly high cash conversion and receivables metrics, VDP demonstrates solid financial health.

Red Flags

The revenue quality score is extremely low at 0.0/100, suggesting potential issues with revenue recognition or reporting.

Positive Signals

The earnings quality metrics show excellent cash conversion (100.0/100) and receivables management (100.0/100), indicating strong operational efficiency.

Ownership Risk

The top shareholders include significant institutional ownership (34.1% combined), which can provide stability, but the presence of multiple individual shareholders may introduce volatility in decision-making.

Recommendation

Monitor revenue recognition practices closely due to the low revenue quality score, but consider accumulating shares given the strong earnings quality metrics and low risk of manipulation.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

4.05

Safe Zone

Sharpe

0.82

Positive

Composite

Strong

Price Risk

Momentum

+51.3%

Volatility

58.3%

Max Drawdown

-21.6%

Key Ratios

Fiscal year 2025

17.30P/E

P/B1.46

P/S1.16

ROE8.5%

ROA5.7%

EPS2889.37

BVPS34171.03

Gross Margin27.0%

Net Margin6.7%

D/E0.46

Current Ratio2.64

Rev Growth1.6%

Profit Growth-11.2%

EV/EBITDA10.13

Div Yield0.0%

Company Overview

Issued Shares

22.1M

Charter Capital

220.8B VND

Sector (ICB L2)

Y tế

Industry (ICB L3)

Dược phẩm

Sub-industry

Dược phẩm

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ phần Chứng khoán DSC

Inst

19.8%

4.4 trieu

Tổng Công ty Dược Việt Nam

Inst

14.3%

3.2 trieu

Đinh Thị Hoàng Oanh

Indiv

11.5%

2.5 trieu

KIỀU HỮU

Indiv

7.5%

1.7 trieu

Kiều Thúy Mai

Indiv

6.2%

1.4 trieu

Trịnh Quang Nghĩa

Indiv

6.2%

1.4 trieu

Nguyễn Thị Ánh Thùy

Indiv

4.6%

1.0 trieu

Trần Văn Đạt

Indiv

4.1%

899.230

Công Ty TNHH Một Thành Viên Nutri Korea

Inst

3.0%

673.000

Công ty CP Dược Mỹ Phẩm Phúc Lai Thành

Inst

3.0%

673.000

Dương Minh Liễu

Indiv

1.8%

226.680

CÔNG TY TNHH DƯỢC PHẨM MINH TRÍ

Inst

1.5%

250.000

Nguyễn Ngọc Tuấn

Indiv

1.2%

155.497

Công ty Cổ phần Chứng khoán Quốc Gia

Inst

0.9%

140.000

Lê Bửu Trương

Indiv

0.5%

60.000

Board & Management

KIỀU HỮU7.5%

Chủ tịch Hội đồng Quản trị

Trần Văn Đạt4.1%

Thành viên Hội đồng Quản trị

Lê Bửu Trương0.5%

Phó Tổng Giám đốc

Hoàng Văn Hòa

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Trần Hiếu

Thành viên Hội đồng Quản trị

Trần Anh Tuấn

Thành viên Ban kiểm soát

Nguyễn Hải Dương

Thành viên Hội đồng Quản trị

Phạm Tuấn Kiệt

Thành viên Hội đồng Quản trị

Hoàng Thế Bắc

Kế toán trưởng/Thành viên Hội đồng Quản trị

Doãn Thị Ngọc Bội

Thành viên Ban kiểm soát

Nguyễn Quang Toản

Thành viên Ban kiểm soát

Top connections

CDP2 links DP165.4%TW365.0%UPH28.4%DAN26.5%DP322.1%IMP22.0%MKP18.2%OPC14.3%MED14.3%VMD14.3%MTP14.3%

Computed 12/04/2026