VPR

Công ty Cổ phần VINAPRINT

VietnamConsumerTruyền thôngUPCOMCT

6.800

VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+16.8%Calibrated value vs last close

Last close (VND): 6.800
Calibrated intrinsic value (VND): 7.940

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.

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 3 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→Truyền thông→Consumer

Classified as consumer because ICB sector “Truyền thông” 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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

11.10%

Growth Estimate

fundamental firm blend4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→13.03B

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)→6.800

Calibrated value vs last close→+16.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

7.940

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

Discount rate (WACC)11.10%

Growth rate4.00%growth method: fundamental firm blend

Base cash flow13.0 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	1.0%	2.5%	4.0%	5.5%	7.0%
9.1%	8.350	8.350	8.486	8.486	8.486
10.1%	8.350	8.350	8.350	8.350	8.350
11.1%	7.940	7.940	7.940	8.051	8.350
12.1%	7.940	7.940	7.940	7.940	7.940
13.1%	7.940	7.940	7.940	7.940	7.940

Above market priceBelow market priceCurrent estimate

VPR among Consumer

Every stock in the sector, VPR 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 VPR. 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
CURRENT ASSETS (Bn. VND)	·	16	10	53	34	247	26	42	58	40	55	19	13
Cash and cash equivalents (Bn. VND)Net debt bridge	·	12	7	16	12	3	6	4	17	16	1	1	2
Short-term investments (Bn. VND)Net debt bridge	·	0.1	0.05	15	7	0.4	5	5	5	10	36	9	4
Accounts receivable (Bn. VND)	·	4	3	21	14	242	11	18	22	9	8	5	4
Prepayments to suppliers (Bn. VND)	·	0.4	0.5	3	2	0.9	2	2	9	0.3	0.3	0.2	0.3
Net Inventories	·	0.01	0.03	0.01	0.01	0.3	1	9	12	5	10	3	3
Inventories, Net (Bn. VND)	·	0.01	0.03	0.01	0.07	0.4	2	9	12	5	10	4	3
Other current assets	·	0.4	0.6	0.7	0.8	0.6	1	5	2	0.2	0.1	0.8	0.3
LONG-TERM ASSETS (Bn. VND)	·	127	124	80	100	102	102	111	50	29	28	22	24
Long-term trade receivables (Bn. VND)	·	3	3	3	1	1	1	0.9	0	0	0.2	0.2	0.2
Other long-term receivables (Bn. VND)	·	3	3	3	1	1	1	0.9	0	0	0.2	0.2	0.2
Fixed assets (Bn. VND)	·	3	0.4	0.6	5	6	1	6	6	7	9	2	2
Tangible fixed assets	·	3	0.4	0.6	5	6	1	6	6	7	9	2	2
Investment in properties	·	67	72	74	90	94	98	95	15	15	16	18	19
Long-term investments (Bn. VND)	·	47	42	0	0	0	0	0	0	0	0	0	0
Other long-term assets (Bn. VND)	·	51	44	0	0	0	0	0	0	0	0	0	0
Less: Provision for diminuation in value of long term investments	·	−4	−3	0	0	0	0	0	0	0	0	0	0
Other non-current assets	·	7	2	0.5	3	0.5	0.9	1	0.7	0.5	1	0.3	1
Long-term prepayments (Bn. VND)	·	7	2	0.2	0.4	0.5	0.9	1	0.6	0.4	1	0.2	0.4
TOTAL ASSETS (Bn. VND)	·	143	133	133	134	349	128	153	108	69	83	41	37
LIABILITIES (Bn. VND)	·	14	11	17	43	264	59	90	49	12	27	8	6
Current liabilities (Bn. VND)	·	9	8	13	20	20	21	43	30	12	25	6	5
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	8	7	9	16	14	2	2	0	0
Advances from customers (Bn. VND)	·	0.01	0	0.01	0.01	0.01	0.01	1	0.03	0.01	0.04	0.02	0.3
Long-term liabilities (Bn. VND)	·	5	3	4	23	243	38	47	19	0.2	2	2	1
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	18	241	33	41	19	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	129	122	116	91	85	69	63	59	57	55	33	30
Capital and reserves (Bn. VND)	·	129	122	116	91	85	69	63	59	57	55	33	30
Paid-in capital (Bn. VND)	·	50	50	50	46	46	46	42	42	32	32	32	32
Undistributed earnings (Bn. VND)	·	78	71	66	45	39	23	21	17	25	23	1.0	−2
TOTAL RESOURCES (Bn. VND)	·	143	133	133	134	349	128	153	108	69	83	41	37
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	1	1	0	0	0
Common shares (Bn. VND)	·	50	50	50	46	46	46	42	42	32	32	32	32

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.18 · 57th pctile vs VN companies

YoY ▲ +1.98

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

1.321

GMI

1.087

AQI

0.937

SGI

1.094

DEPI

1.685

SGAI

1.040

TATA

−0.031

LVGI

1.090

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.8741st pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.2%50th 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

6/9

Neutral

Z-Score

6.12

Safe Zone

Sharpe

−0.12

Negative

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 Burden0.73×Interest Burden0.97×Op. Margin0.30×Turnover0.31×Leverage1.11=ROE7.5%

Price Risk

Momentum

−4.0%

Volatility

41.9%

Max Drawdown

−31.2%

Key Ratios

Fiscal year 2025

7.22P/E

P/B: 0.54
P/S: 1.56
ROE: 7.7%
ROA: 7.0%
EPS: 955
BVPS: 12.809
Gross Margin: 41.8%
Net Margin: 21.6%
D/E: 0.00
Current Ratio: 1.70
EV/EBITDA: 3.36
Div Yield: 3.6%

Company Overview

Shares outstanding: 10.1M
Charter Capital: 101B VND
Sector (ICB L2): Truyền thông
Industry (ICB L3): Truyền thông
Sub-industry: Sách, ấn bản & sản phẩm văn hóa
Company Type: CT

Ownership network

Common ownership links for VPR. Hover for detail, select a link to open it.

Shareholders

Công ty TNHH Đầu Tư Và Thương Mại Thiên Hải

Inst

48.7%

4.9M

2026-06-30

Công ty Cổ Phần Đầu Tư New Asia

Inst

15.9%

1.6M

2026-06-30

Bùi Minh Tuấn

Indiv

7.0%

699,172

2026-06-30

Công ty Cổ Phần Đầu Tư Vi Na

Inst

6.5%

657,828

2026-06-30

Công Ty CP Dịch Vụ Văn Hóa Việt

Inst

4.1%

186,000

2022-06-30

Võ Hoàng Giang

Indiv

3.3%

330,330

2026-06-30

Lê Duy Hiệp

Indiv

0.9%

42,900

2021-06-30

Nguyễn Kim Hậu

Indiv

0.2%

27,060

2026-06-30

Trương Nguyễn Thiên Kim

Indiv

0.1%

5,005

2020-12-31

Board & Management

Bùi Minh Tuấn7.0%

Chairman of Management Board

Võ Hoàng Giang3.3%

Member of Management Board

Lê Duy Hiệp0.9%

Member of Management Board

Nguyễn Kim Hậu0.2%

Member of Management Board/General Director

Hoàng Diệu Linh

Chief Accountant/Secretary of Management Board/Person in charge of Corporate governace

Top connections

PNG4 links HTC48.7%GMC48.7%TNC2 links TMS4 links NDP48.7%MRF2 links CMN2 links ITC48.7%SPV3 links CLX4.9%

Director-deal registrations · 12 months

Sale registrations: 3 by 1 trader; 1,742,200 shares
Purchase registrations: 2 by 1 trader; 1,046,880 shares
Registered net, share of outstanding:: −6.91%

Bùi Minh Tuấn
Sale · Insider
696,880
2026-06-15
Công ty TNHH Đầu Tư Và Thương Mại Thiên Hải
Purchase · Institution
696,880
2026-06-08
Bùi Minh Tuấn
Sale · Insider
696,880
2026-05-28
Bùi Minh Tuấn
Sale · Insider
348,440
2026-02-12
Công ty TNHH Đầu Tư Và Thương Mại Thiên Hải
Purchase · Institution
350,000
2026-02-12

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

DCF Sensitivity

VPR among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

Ownership network

Director-deal registrations · 12 months

VPR among Consumer