DHG Pharmaceutical JSC (DHG) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of DHG Pharmaceutical JSC VND 101,248, price VND 90,300, upside +12.1%, quality 88 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 62,771 VND – 113,150 VND · fair‑value band 72,344 VND – 138,847 VND · the 90,300 VND price screens below the 101,248 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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DHG Pharmaceutical Joint Stock Company, together with its subsidiaries, engages in the manufacture and sale of pharmaceutical products in Vietnam.
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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.
Stock analysis
DHG Pharmaceutical JSC (DHG) currently trades at 90,300 VND, while our model-based Fair Value estimate is 101,248 VND, implying the stock looks roughly 10.8% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 125,207 VND per share, and 20 of the 26 models we run sit above the 90,300 VND price.
Bear case: the Asset-Based group reads lowest at 21,433 VND, and 6 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 72,344 VND (bear) to 138,847 VND (bull), the price of 90,300 VND sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 88/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
DHG Pharmaceutical JSC 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.
Key figures
Market cap 11.8T VND · P/E ratio 13.5 · P/S ratio 2.19 · EPS (TTM) 6,677 VND · Dividend yield 5.5% · Net margin 16.2% · Return on equity 20.5% · Return on assets (EBIT) 17.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at 12%, DHG screens cheaper than that median.
Fair Value models
Bear 72,344 VNDFair Value 101,248 VNDBull 138,847 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1,232 VND per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.8%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.0%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+7.0%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in VND ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+8.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.9%
Dividend (yield on the price)5.5%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 18%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about −0.1% a year for the price.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Drug Manufacturers - Specialty & Generic · 629 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score88 · Top 25%
Fair Value upside+12% · Above median
Profitability
Return on equity (TTM)20% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)17% · Top 25%
Operating margin (TTM)28% · Top 25%
Growth and dividend
Revenue growth0% · Below median
Dividend yield (TTM)5.5% · Top 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
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Is DHG Pharmaceutical JSC (DHG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 101,248 VND versus a price of 90,300 VND, about +12% upside (undervalued).
What is the fair value of DHG?
Our model-based fair value for DHG Pharmaceutical JSC is 101,248 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 90,300 VND.
What is the quality score of DHG?
DHG Pharmaceutical JSC 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 price target for DHG Pharmaceutical JSC (DHG)?
Our model-based price target is the fair value of 101,248 VND (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 72,344 VND, optimistic scenario 138,847 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the DHG Pharmaceutical JSC stock forecast for 2026?
Our models put fair value at 101,248 VND, about +12% upside versus a price of 90,300 VND (undervalued). Cautious scenario 72,344 VND, optimistic scenario 138,847 VND. The calculation is refreshed regularly with new filings.
What is the revenue of DHG Pharmaceutical JSC (DHG)?
DHG Pharmaceutical JSC reported trailing-twelve-month revenue of about 5.3T VND (latest available figure, as of Sep 24, 2026).
Does DHG Pharmaceutical JSC pay a dividend?
DHG Pharmaceutical JSC currently shows a dividend yield of about 5.54% relative to its recent price (as of Sep 24, 2026).
What growth is priced into DHG Pharmaceutical JSC (DHG)?
For today's price to be fair in a discounted-cash-flow model, DHG Pharmaceutical JSC would have to grow free cash flow by +4.0 % per year for five years (discount rate 13.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DHG use?
Our models discount DHG Pharmaceutical JSC at 13.4 %: a base by market capitalisation (small), damped by beta 0.29, country premium for Vietnam. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For DHG Pharmaceutical JSC that is +4.0 % per year a year over ten years, using the same discount rate (13.4 %) and the same formula as our fair value.
How much growth has DHG Pharmaceutical JSC (DHG) delivered so far?
Over the past 5 years revenue at DHG Pharmaceutical JSC grew +7.0 % a year. The price currently implies +4.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of DHG Pharmaceutical JSC (DHG) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into DHG Pharmaceutical JSC (+4.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DHG Pharmaceutical JSC (DHG)?
The free-cash-flow yield on the price is 10.01 %: that much free cash flow DHG Pharmaceutical JSC produces per unit of market value. When it exceeds the discount rate of our models (13.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DHG Pharmaceutical JSC (DHG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DHG Pharmaceutical JSC it is 101,248 VND per share (as of Sep 24, 2026), against a price of 90,300 VND. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is DHG Pharmaceutical JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DHG trades below its calculated fair value: price 90,300 VND, fair value 101,248 VND, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DHG?
No. The price is what the market pays today (90,300 VND); the fair value is what the company's own numbers justify (101,248 VND). For DHG Pharmaceutical JSC the two are 10,948 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is DHG Pharmaceutical JSC worth?
The market values DHG Pharmaceutical JSC at about 11.8T VND (market capitalisation, as of Sep 24, 2026). Per share that is 90,300 VND; our models calculate a fair value of 101,248 VND per share.
What do the bullish and bearish scenarios say about DHG?
Our models span a range for DHG Pharmaceutical JSC: cautious scenario 72,344 VND, base 101,248 VND, optimistic 138,847 VND per share (as of Sep 24, 2026, price 90,300 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DHG?
DHG Pharmaceutical JSC trades at a price-to-earnings ratio of 13.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 101,248 VND is built from several models across several years. Other multiples: P/B 2.8, P/S 2.2, EV/EBITDA 10.5.
How solid is the balance sheet of DHG Pharmaceutical JSC (DHG)?
Balance-sheet figures for DHG Pharmaceutical JSC (as of Sep 24, 2026): return on equity 20.5%. They feed the Quality Score of 88/100, which measures business quality independently of the share price.
How far is DHG from its 52-week high?
DHG Pharmaceutical JSC trades at 90,300 VND, about 12% below its 52-week high of 102,796 VND and at the low of 90,000 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 101,248 VND is for.
Which stocks are comparable to DHG Pharmaceutical JSC?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is DHG Pharmaceutical JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 90,300 VND, calculated fair value 101,248 VND (+12%), Quality Score 88/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DHG calculated?
We run DHG Pharmaceutical JSC through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 101,248 VND, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. DHG Pharmaceutical JSC currently trades 12 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of DHG Pharmaceutical JSC (DHG)?
The closing price on Sep 24, 2026 was 90,300 VND. Our model-based fair value is 101,248 VND, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DHG Pharmaceutical JSC right now?
A fairly wide model range (72,344 VND to 138,847 VND) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of DHG Pharmaceutical JSC
How large is the market capitalisation of DHG Pharmaceutical JSC (DHG)?
The market capitalisation of DHG Pharmaceutical JSC is 11.8T VND. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of DHG Pharmaceutical JSC (DHG)?
The price-to-sales ratio of DHG Pharmaceutical JSC is 2.19 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of DHG Pharmaceutical JSC (DHG)?
Earnings per share at DHG Pharmaceutical JSC are 6,677 VND (price ÷ EPS = P/E 13.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DHG Pharmaceutical JSC (DHG)?
The dividend yield of DHG Pharmaceutical JSC is 5.5% (payout 74.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of DHG Pharmaceutical JSC (DHG)?
The net margin of DHG Pharmaceutical JSC is 16.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of DHG Pharmaceutical JSC (DHG)?
The return on equity (ROE) of DHG Pharmaceutical JSC is 20.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of DHG Pharmaceutical JSC (DHG)?
On an EBIT basis the return on assets of DHG Pharmaceutical JSC is 17.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of DHG Pharmaceutical JSC (DHG)?
The operating margin of DHG Pharmaceutical JSC is 27.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DHG Pharmaceutical JSC (DHG)?
Revenue at DHG Pharmaceutical JSC is growing +0.3% versus a year earlier (3y avg +4.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at DHG Pharmaceutical JSC (DHG)?
Earnings per share at DHG Pharmaceutical JSC are growing +18.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does DHG Pharmaceutical JSC (DHG) carry?
The net debt of DHG Pharmaceutical JSC is 587B VND (fiscal year 2024, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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