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DHG Pharmaceutical Joint Stock Company (DHG) Fair Value & Analysis

Healthcare · VN · Market cap 12.1T VND

DP DHG Pharmaceutical Joint Stock Company DHG · VN
Price95,900 VND
Fair Value101,989 VND
Upside+6.4%
Quality88/100
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Healthy Growth
Solidly profitable · 17.1% net margin
generates free cash flow
5.38% dividend yield
Ranks above peers (10/13)
Wide moat 78/100
Evidence: High Range 75,532 VND – 148,151 VND Share as image

Fair value as of: Jul 13, 2026

From 26 valuation models · updated 28 days ago

Share price +3.1% over the past month.

A strong business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (75,532 VND to 148,151 VND) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

113,150 VND 62,771 VND Fair Value 101,989 VND Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range 62,771 VND – 113,150 VND · fair‑value band 75,532 VND – 148,151 VND · the 95,900 VND price screens below the 101,989 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

Full chart & analysis →

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Analysis

DHG Pharmaceutical Joint Stock Company (DHG) currently trades at 95,900 VND, while our model-based Fair Value estimate is 101,989 VND, implying the stock looks roughly 6.4% fairly valued today. The Quality Score stands at 88/100 (high quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, DHG Pharmaceutical Joint Stock Company generated revenue of 5.3T VND at a net margin of 17.1%. Revenue grew 0.3% year over year. It earns a return on equity of 20.5%. Net debt stands at 587B VND. Fundamentals as of Jul 13, 2026

Our scenario range runs from 75,532 VND (bear case) to 148,151 VND (bull case); at 95,900 VND, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at 6%, DHG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 41,599 VND 50,035 VND 122,171 VND 76
Growth DCF 110,854 VND 166,845 VND 250,760 VND 72
Gordon GGM 96,190 VND 210,000 VND 353,333 VND 70
All 26 models by family
DCF Models
FCF DCF 108,430 VND 170,842 VND 270,076 VND 38
Owner Earnings 86,466 VND 136,119 VND 215,067 VND 31
5Y Revenue Exit 79,034 VND 119,294 VND 169,686 VND 39
5Y EBITDA Exit 87,903 VND 135,795 VND 190,728 VND 41
5Y P/E Exit 100,639 VND 159,490 VND 220,589 VND 38
10Y Revenue Exit 86,263 VND 125,877 VND 177,349 VND 36
10Y EBITDA Exit 94,131 VND 137,564 VND 193,701 VND 37
10Y P/E Exit 102,417 VND 154,346 VND 216,904 VND 35
Earnings-Based
Graham-Dodd 44,330 VND 133,988 VND 177,670 VND 54
Lynch FV 28,567 VND 40,810 VND 53,053 VND 50
PEG = 1.0 28,567 VND 40,810 VND 53,053 VND 46
EPV 65,296 VND 76,644 VND 86,730 VND 59
Dividend Discount
Gordon GGM 96,190 VND 210,000 VND 353,333 VND 70
DDM Multi-Stage 96,190 VND 160,086 VND 218,854 VND 61
Multiples
P/E Multiple 107,566 VND 143,421 VND 179,277 VND 63
P/S Multiple 83,119 VND 110,826 VND 138,532 VND 58
P/B Multiple 83,119 VND 110,826 VND 138,532 VND 55
EV/EBIT 93,819 VND 124,761 VND 155,703 VND 53
EV/EBITDA 86,996 VND 115,663 VND 144,330 VND 54
EV/Revenue 67,246 VND 95,640 VND 124,033 VND 43
Asset-Based
NCAV (Graham) 15,995 VND 21,433 VND 31,989 VND 50
Growth DCF
Growth DCF 110,854 VND 166,845 VND 250,760 VND 72
Rev-Margin DCF 79,034 VND 120,110 VND 167,252 VND 67
Economic Profit
Residual Income 41,599 VND 50,035 VND 122,171 VND 76
ROIC Compounder 69,986 VND 89,052 VND 111,508 VND 67
Growth Earnings
Growth-Adj P/E 87,645 VND 125,207 VND 162,770 VND 68

Widest divergence: Dividend Discount (160,086 VND) versus Asset-Based (21,433 VND). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 5.3T VND
Revenue growth (YoY) +0.3%
Net margin 17.1%
Return on equity 20.5%
Free cash flow 1.2T VND FY2025
P/E ratio 14.0
More key figures
Operating margin 27.5%
EPS (TTM) 6,678 VND
Dividend yield 5.4%
EPS growth (YoY) +18.6%
Net debt 587B VND FY2024

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 88/100

Of which business quality 83 · Market factors (momentum, volatility) 54

Profitability 80
Margins and returns on capital today
Quality Growth 79
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

DHG Pharmaceutical Joint Stock Company, together with its subsidiaries, engages in the manufacture and sale of pharmaceutical products in Vietnam.

Full company description

DHG Pharmaceutical Joint Stock Company, together with its subsidiaries, engages in the manufacture and sale of pharmaceutical products in Vietnam. The company offers antibiotic, analgesic and antipyretic, respiratory, nutrition, musculoskeletal, gastrointestinal and hepatobiliary, nervous and ophthalmic, cardiovascular and diabetic, dermatology, and beauty care products. It also manufactures and trades in health food, dietary and consumer health supplements, and pharmaceuticals cosmetic products. It also exports its products. DHG Pharmaceutical Joint Stock Company was founded in 1974 and is headquartered in Can Tho, Vietnam. DHG Pharmaceutical Joint Stock Company is a subsidiary of Taisho Pharmaceutical Co., Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

DHG Pharmaceutical Joint Stock Company reported revenue of 5.3T VND in FY2025 versus 4.0T VND in FY2021, a compound +7.1%/yr. Reported net income was 852B VND in FY2025, compounding +2.3%/yr from FY2021.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
5.3T VND
Latest YoY
+7.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.0%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.2%
Revenue +7.1%/yr
FY21 4.0T VND
FY22 4.7T VND
FY23 5.0T VND
FY24 4.9T VND
FY25 5.3T VND
Net income +2.3%/yr
FY21 777B VND
FY22 988B VND
FY23 1.1T VND
FY24 779B VND
FY25 852B VND

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Cite: Fair Value Calculator (2026). "DHG Pharmaceutical Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/DHG

Peer Group

Drug Manufacturers - Specialty & Generic · 621 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 88 · Top 25%
Fair Value upside +6% · Above median
Return on equity (TTM) 20% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 17% · Top 25%
Operating margin (TTM) 28% · Top 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 5.4% · Top 25%

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 13.9× · Cheaper than 75% of peers
P/B 2.90× · Pricier than median
P/S (TTM) 2.31× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 10.8× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 42 · sector 7
FUTURE 2 · sector 21
PAST 82 · sector 24
HEALTH 0 · sector 97
DIVIDEND 100 · sector 34

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.19 ¥25.94 -51%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,933 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹7,316 ₹1,943 -73%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,763 ₹1,329 -72%
PharmaEssentia Corporation 6446 1,285 TWD 221.01 TWD -83%
Cipla Limited CIPLA ₹1,439 ₹1,001 -30%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,151 ₹703.32 -39%
Lupin Limited LUPIN ₹2,443 ₹2,477 +1%
Mankind Pharma Limited MANKIND ₹2,484 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,211 ₹874.79 -28%

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Frequently asked questions

Is DHG Pharmaceutical Joint Stock Company (DHG) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of 101,989 VND versus a price of 95,900 VND, about +6% (fairly valued).
What is the fair value of DHG?
Our model-based fair value for DHG Pharmaceutical Joint Stock Company is 101,989 VND (as of Jul 13, 2026), built from audited fundamentals. The current price is 95,900 VND.
What is the quality score of DHG?
DHG Pharmaceutical Joint Stock Company has a Quality Score of 88/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of DHG Pharmaceutical Joint Stock Company (DHG)?
DHG Pharmaceutical Joint Stock Company reported trailing-twelve-month revenue of about 5.3T VND (latest available figure, as of Jul 13, 2026).
What is the net profit margin of DHG?
The net profit margin of DHG Pharmaceutical Joint Stock Company is about 17.1%, meaning it keeps roughly 17.1% of revenue as net income. Based on the latest reported figures.
Does DHG Pharmaceutical Joint Stock Company pay a dividend?
DHG Pharmaceutical Joint Stock Company currently shows a dividend yield of about 5.35% relative to its recent price (as of Jul 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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