VTJ

Công ty Cổ phần Thương mại và Đầu tư VI NA TA BA

VietnamConsumerHàng cá nhân & Gia dụngThuốc láHNXCT

3.800

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+1.4%Calibrated value vs last close

Last close (VND): 3.800
Calibrated intrinsic value (VND): 3.853

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 3 Nov 2026Valid through 25 Nov 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 26 Oct 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Hàng cá nhân & Gia dụng→Consumer

Classified as consumer because ICB sector “Hàng cá nhân & Gia dụng” 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

Sector Default4.00%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→557.14M

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)→3.800

Calibrated value vs last close→+1.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

3.853

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

Discount rate (WACC)11.10%

Growth rate4.00%growth method: default

Base cash flow557.1 triệuone off strip ratio: 0.50

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%	3.853	3.853	3.853	3.853	3.853
10.1%	3.853	3.853	3.853	3.853	3.853
11.1%	3.853	3.853	3.853	3.853	3.853
12.1%	3.853	3.853	3.853	3.853	3.853
13.1%	3.853	3.853	3.853	3.853	3.853

Above market priceBelow market priceCurrent estimate

VTJ among Consumer

Every stock in the sector, VTJ 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 VTJ. 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)	·	2	15	14	46	39	51	54	83	115	95	49	8	6
Cash and cash equivalents (Bn. VND)Net debt bridge	·	0.9	0.3	5	0.6	25	9	1	21	93	66	11	6	4
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	45	14	27	0	52	11	0	0	0	0
Accounts receivable (Bn. VND)	·	0.7	15	9	0.8	0.09	15	49	5	5	20	19	0.8	1
Prepayments to suppliers (Bn. VND)	·	0.07	13	0.06	0.04	0	0	0.01	0.5	0	0.04	0	0.04	0.4
Net Inventories	·	0	0	0	0	0	0	0	2	2	9	18	0.6	0.3
Inventories, Net (Bn. VND)	·	0	0	0	0	0	0	0	2	2	9	18	0.6	0.3
Other current assets	·	0.03	0.03	0.02	0.06	0.01	0	3	3	3	0.00	1	0.2	0.1
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.1	0.06
LONG-TERM ASSETS (Bn. VND)	·	103	89	90	56	61	50	65	27	20	84	103	107	113
Long-term trade receivables (Bn. VND)	·	35	22	22	0	0	0	0	0.02	0.02	0.02	0.02	0	0
Other long-term receivables (Bn. VND)	·	22	22	22	0	0	0	0	0.02	0.02	0.02	0.02	0	0
Fixed assets (Bn. VND)	·	0	0	0.01	0.06	0.06	0.08	0.9	2	2	2	3	13	16
Tangible fixed assets	·	0	0	0.01	0.06	0.06	0.08	0.9	2	2	2	3	5	8
Investment in properties	·	0	0	0	0	0	4	7	8	8	8	8	0	0
Long-term investments (Bn. VND)	·	63	63	64	51	56	41	52	13	5	5	5	5	5
Investments in associate companies	·	22	22	22	24	23	39	51	0	0	0	0	0	0
Other long-term assets (Bn. VND)	·	44	44	44	30	33	3	3	3	5	5	5	5	5
Less: Provision for diminuation in value of long term investments	·	−3	−3	−2	−4	0	−1.0	−2	0	0	0	0	−0.03	−0.2
Other non-current assets	·	0	0	0	0	0	0	0	0.3	0.09	69	87	89	91
Long-term prepayments (Bn. VND)	·	0	0	0	0	0	0	0	0.3	0.09	69	87	89	91
TOTAL ASSETS (Bn. VND)	·	105	104	104	102	100	101	119	110	134	179	152	115	119
LIABILITIES (Bn. VND)	·	8	7	8	9	8	8	2	5	12	49	30	4	9
Current liabilities (Bn. VND)	·	3	2	2	3	2	3	2	5	12	47	29	3	8
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	1	0	0	0	0	0.4	1.0	1	2	6
Advances from customers (Bn. VND)	·	0	0	0	0	0	0	0	0.06	0.00	0	0.1	0	0.1
Long-term liabilities (Bn. VND)	·	5	5	6	6	6	5	0	0	0.1	2	2	1	1
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	97	97	97	93	92	93	116	105	122	130	122	111	109
Capital and reserves (Bn. VND)	·	97	97	97	93	92	93	116	105	122	130	122	111	109
Paid-in capital (Bn. VND)	·	114	114	114	114	114	114	114	114	114	114	114	114	114
Investment and development funds (Bn. VND)	·	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.3	0.3	0	0.3
Other Reserves	·	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.4	0.06	0.06	0
Undistributed earnings (Bn. VND)	·	−18	−18	−18	−22	−23	−22	1	−10	7	15	7	−4	−5
TOTAL RESOURCES (Bn. VND)	·	105	104	104	102	100	101	119	110	134	179	152	115	119
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	15	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	114	114	114	114	114	114	114	114	114	114	114	114	114

◆vnvalue Research Note

Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2021

Remainder

M −3.14 · 12th pctile vs VN companies

YoY ▲ +1.44

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

0.006

GMI

0.546

AQI

1.240

SGI

1.046

DEPI

2.756

SGAI

0.560

TATA

0.004

LVGI

0.815

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −5.265th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 20.7%91st pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.16×
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.

Quantitative Scores

F-Score

7/9

Strong

Z-Score

3.05

Safe Zone

Sharpe

−0.12

Negative

Composite

Below 30

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 Burden5.11×Interest Burden0.53×Op. Margin0.01×Turnover0.09×Leverage1.08=ROE0.2%

Price Risk

Momentum

−10.0%

Volatility

75.2%

Max Drawdown

−32.0%

Key Ratios

Fiscal year 2025

290.44P/E

P/B: 0.45
P/S: 4.84
ROE: 0.2%
ROA: 0.1%
EPS: 13
BVPS: 8.529
Gross Margin: 1.6%
Net Margin: 1.7%
D/E: 0.00
Current Ratio: 0.62
Profit Growth: −53.5%
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 11.4M
Charter Capital: 114B VND
Sector (ICB L2): Hàng cá nhân & Gia dụng
Industry (ICB L3): Thuốc lá
Sub-industry: Thuốc lá
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Phạm Thị Hoa

Indiv

2.4%

276,300

2026-06-30

Lê Viết Hùng

Indiv

0.2%

17,500

2014-10-17

Board & Management

Lê Chí Long

Spokesman/Chairman of Management Board

Đỗ Anh Ngọc

Member of Management Board

Nguyễn Công Đức

Head of Supervisors Board

Nguyễn Thị Thùy Duyên

Chief Accountant

Lê Thị Hạnh

Member of Management Board

Quảng Thanh Bình

Member of Supervisors Board

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

VTJ among Consumer

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

VTJ among Consumer